By the end of the year, fuel prices will increase by more than 9% and will remain high throughout the next 2025.
This is stated in the NBU's Inflation Report, UNN reports .
The growth in fuel prices slowed down significantly to only 6.0% yoy in September compared to 25.5% in June, which was lower than expected. The first stage of the fuel excise tax increase mainly affected liquefied gas prices. At the same time, low oil prices and large stocks of fuel at gas stations created before the excise tax increase helped to keep gasoline and diesel prices stable.
However, the effect of large fuel stocks will have a rather short-term downward effect on prices. As they are depleted, and under the influence of further excise tax increases and the pass-through effects of the hryvnia depreciation, fuel price growth will accelerate to over 9% by the end of 2024 and remain high for most of 2025.
Recall
On September 1, 2024, Ukraine increased the excise tax on fuel.