Fuel prices in Ukraine, which depends on imports, have risen by about 5% in the last two days amid news of problems with oil supplies from the Persian Gulf, but are unlikely to continue to rise, Serhiy Kuyun, a leading analyst at the A-95 consulting company, told Reuters on Tuesday, UNN reports.
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The strait is the world's most important oil export route, connecting the largest Persian Gulf oil producers such as Saudi Arabia, Iran, Iraq, and the United Arab Emirates with the Gulf of Oman and the Arabian Sea.
"Traders were not prepared, and the price increase is their attempt to prevent a possible fuel frenzy," Serhiy Kuyun said.
According to him, if demand remains limited, retail prices will soon return to pre-crisis levels.
A-95 reported last month that Ukraine increased gasoline imports by 70% in January compared to January 2025 due to a shortage of domestic production and growing demand from businesses and the public forced to use generators amid massive power outages after Russian attacks on power plants.
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