Fuel prices are soaring in Europe, while in Ukraine, the increase is still more moderate

European gas stations are experiencing a sharp increase in fuel prices in March amid the war in the Middle East and instability in the global oil market. In a number of EU countries, gasoline and diesel have risen in price significantly faster than in Ukraine, despite the fact that the Ukrainian market operates in much more difficult conditions - after the destruction of oil refining infrastructure and almost complete dependence on imports. This is evidenced by data from European fuel markets, reports UNN.

Over the past week, a sharp increase in fuel prices has been recorded in many European countries.

Poland:

• diesel: +23.35 UAH/liter;

• gasoline: +8.73 UAH/liter.

Germany:

• diesel: +22.04 UAH/liter;

• gasoline: +13.80 UAH/liter.

Italy:

• diesel: +18.88 UAH/liter;

• gasoline: +12.57 UAH/liter.

Spain:

• diesel: +12.11 UAH/liter;

• gasoline: +10.18 UAH/liter.

France:

• diesel: +16.20 UAH/liter;

• gasoline: +11.40 UAH/liter.

Netherlands:

• diesel: +17.90 UAH/liter;

• gasoline: +12.60 UAH/liter.

Belgium:

• diesel: +15.70 UAH/liter;

• gasoline: +10.90 UAH/liter.

Greece:

• diesel: +14.80 UAH/liter;

• gasoline: +11.70 UAH/liter.

Portugal:

• diesel: +13.60 UAH/liter;

• gasoline: +10.20 UAH/liter.

Lithuania:

• diesel: +16.10 UAH/liter;

• gasoline: +9.80 UAH/liter.

Latvia:

• diesel: +15.30 UAH/liter;

• gasoline: +9.40 UAH/liter.

Estonia:

• diesel: +14.50 UAH/liter;

• gasoline: +9.10 UAH/liter.

This situation is related to global risks to oil supplies through the Persian Gulf, where one of the key global energy routes passes. Due to the escalation of the conflict in the Middle East, markets are reacting with rising oil and petroleum product prices.

Ukraine reacts to growth with a delay

Despite the fact that Ukraine is almost completely dependent on imported fuel, the domestic market reacts to global changes more slowly than the countries of the European Union.

This was noted by the head of the Antimonopoly Committee of Ukraine, Pavlo Kyrylenko, during his speech in the Verkhovna Rada. According to him, the price increase in Europe occurred earlier, and Ukrainian prices reacted approximately two weeks later.

As of February 23, the growth in Europe reached 10.5%, while such a level of price increase at gas stations in our country was observed only on March 4 of this year, i.e., 14 days later.

He emphasized that the Ukrainian market is largely dependent on import supplies, as its own oil refining was virtually stopped after Russian attacks.

After the shutdown of the largest oil refining enterprise in Ukraine, more than 85% of light petroleum products depend on imports.

According to Kyrylenko, the committee has already launched an investigation into possible anti-competitive actions in the fuel market.

The experience of 2022 helped avoid a deficit

Despite difficult conditions, the Ukrainian fuel market remains relatively stable and does not show such sharp fluctuations as in many European countries.

As energy expert Serhiy Kuyun explains, the restructuring of fuel logistics after the start of Russia's full-scale invasion played a key role.

We went through all this in 2022. Then, in a very short time, Ukraine managed to rebuild logistics and diversify supplies. We were able to build a system that works even in conditions of war and a global fuel crisis without shortages and panic.

It is this diversification of supply that allows the Ukrainian market to remain relatively stable even during periods of sharp fluctuations in the global energy market.

US President announced the lifting of restrictions to lower fuel prices. A partial easing of sanctions related to oil trade could help stabilize the situation in the global energy market amid the war in the Middle East, Viktor Halchynskyi, former spokesman for NJSC "Naftogaz of Ukraine" in Lviv region, financier, told UNN.

Halchynskyi explains that against this background, the demand for oil from other regions, which is not dependent on the route through the Persian Gulf, is growing.

If we talk about sanction issues, then on the one hand, this is a logical step. The demand for oil that is not in the Persian Gulf and does not pass through it is growing. We see that even Donald Trump's statements, quite emotional, influenced the market and lowered the price of oil.

Speaking about fuel prices, the expert noted that the key factor remains not so much sanction policy as the physical volumes of oil on the market.

This is more related not to sanctions, but to the physical volume of oil. If the price of oil does not rise and there are stable supplies, then there is a chance that prices will stabilize. Although our situation is better than in Europe.

In Europe, fuel prices rose earlier than in Ukraine - Kyrylenko11.03.26, 14:09 • 2128 views