Fuel prices are rising again: current prices and what to expect next
Kyiv • UNN
On September 17, Ukrnafta and SOCAR raised fuel prices twice. An expert allows for prices to increase to UAH 115–120, but does not forecast a shortage.
On September 17, major gas station chains continued to raise fuel prices. Ukrnafta and SOCAR revised the prices of gasoline and diesel fuel twice during the day. At the same time, according to economist and member of the Economic Discussion Club Ihor Harbaruk, if the situation develops unfavorably, fuel prices could approach even UAH 115–120 per liter, although he does not expect a shortage. He said this in an interview exclusively for UNN.
Which brands raised fuel prices for the second time in a day
Ukrnafta saw the biggest changes during the day. In the morning, the company raised prices for all types of gasoline and diesel fuel by UAH 1 per liter, and after lunch by another UAH 2. Accordingly, a liter of A-95 at the chain now costs UAH 86.90, while diesel fuel costs UAH 97.90.
SOCAR also revised its price tags twice today. In particular, after lunch, regular A-95 became another UAH 2 more expensive and now costs UAH 93.90 per liter. The price of NANO 95 is now UAH 96.90 per liter.
At WOG and OKKO, the changes took place in the morning. After that, the chains left prices unchanged throughout the day, without any further increases.
How much gasoline, diesel and gas cost now
"Ukrnafta":
- Gasoline 95 (Energy):
UAH 89.90;
- Gasoline A-95: UAH 86.90;
- Gasoline A-92: UAH 84.90;
- Diesel fuel (Energy): UAH 99.90;
- Diesel fuel: UAH 97.90;
- Gas: UAH 42.90.
WOG
- Gasoline 100: UAH 99.90;
- Gasoline 95
(Mustang): UAH 95.90;
- Gasoline 95 Euro:
UAH 92.90;
- Mustang diesel fuel: UAH 99.90;
- Euro-5 diesel fuel: UAH 99.90;
- Gas: UAH 45.50.
OKKO
- Pulls 100 gasoline:
UAH 99.90;
- Pulls 95 gasoline:
UAH 94.90;
- A-95 Euro gasoline:
UAH 91.90;
- Pulls diesel fuel: UAH 99.90;
- Euro diesel fuel: UAH 99.90;
- Gas: UAH 45.50.
SOCAR
- NANO 100 gasoline:
UAH 99.9;
- NANO 95 gasoline:
UAH 96.90;
- A-95 gasoline: UAH 93.90;
- NANO Extro diesel fuel: UAH 99.9;
- NANO diesel fuel: UAH 99.90;
- Gas: UAH 45.50.
Could fuel prices rise to UAH 120?
According to economist Ihor Harbaruk, diesel fuel in particular could become noticeably more expensive in the near future.
I think prices will rise because there is a lot of unpredictability right now. I really hope the price will not reach UAH 150, but under sufficiently unfavorable conditions, UAH 115–120 per liter is entirely possible. Such a price must not be allowed, and this can be done at the state level
Why prices are rising in Ukraine
According to the economist, the Ukrainian market depends largely on the European market, which receives imported petroleum products. Therefore, after the price of crude oil or finished fuel rises, the purchase price for Ukrainian traders also increases, while the final cost is influenced by the purchase price, markups and taxes.
We will buy fuel at the price at which Europeans sell it and sell it to consumers at the price they can afford to pay. If the price of oil rises, this also begins to be reflected at gas stations fairly quickly. Some raise prices after several days, others after a week or two. It depends on the particular operator
According to the expert, the speed at which prices change is also affected by fuel stocks in warehouses. For example, if an operator has already purchased a supply at the old price, its cost may not change immediately, which is why, as the economist explains, price reductions usually occur more slowly than price increases.
Prices rise quickly, while decreases always occur more slowly. If a trader has a supply of fuel purchased at the old price, they will not immediately sell it cheaper. First, they need to sell what has already been purchased
Ihor Harbaruk notes that the price difference between gasoline, diesel and autogas is gradually shrinking. According to him, drivers are increasingly less able to save money by switching fuel types.
I think the key price increase will concern diesel in particular. People switched from gasoline to diesel because it was cheaper; then the prices practically equalized, and they began switching to autogas. When autogas also caught up with diesel, it became clear that there would be no cheaper option
At the same time, the expert does not forecast a fuel shortage in Ukraine. In his view, despite a possible price increase, the Ukrainian market will nevertheless continue to receive the necessary volumes.
I do not think there is a major risk of a fuel shortage. Ukrainian traders built this system effectively back at the beginning of the war, so I very much hope that there will be no queues like those seen at the start of the war. Yes, fuel will be expensive, but it will be available
What could stop the price increase
The expert believes that the situation can be influenced not only through changes in the global market. In his view, the state needs to work more actively with fuel businesses, producers, and farmers, since more expensive fuel eventually affects the cost of other goods as well.
The state needs to work with businesses, traders of refined petroleum products, producers, and farmers. We need to look for ways to adjust pricing policy, the tax burden, and markups. The state has long been familiar with all these mechanisms, so now it is important to sit down and negotiate in order to preserve the interests of all parties as much as possible
At the same time, the expert says that prices could return downward if the situation putting pressure on the global market changes. At the same time, he emphasizes that for Ukrainians, the consequences of more expensive fuel may extend beyond the price itself at gas stations, since fuel is also included in transportation and production costs.
Prices can certainly decline. But for this, the situation that is irritating the whole world needs to be normalized. Then prices may go down. But for now, we are living amid unpredictability, so I do not see this increase ending quickly