Zelensky’s Cabinet introduced state regulation of fuel prices

АЗС Socar

The Cabinet of Ministers at a meeting on Friday introduced state regulation of retail prices for gasoline and diesel fuel.

An amendment has been made to Resolution No. 1236 of December 9, 2020, which, during the quarantine period, established the limit levels of the trade markup to the average price of diesel fuel (no more than 7 hryvnia per liter) and gasoline (no more than 5 hryvnia per liter).

At the same time, the average cost of diesel fuel (ULSD 10 ppm) and gasoline (GASOLINE 10 ppm), including customs duties (excise tax and VAT), should be calculated based on Platts CIF NWE data for the previous calendar month / decade.

The calculations should be made by NJSC Naftogaz of Ukraine, which will provide them to the Ministry of Economy no later than the 3rd day of each month, and the Ministry will publish the average prices of one liter of diesel fuel and gasoline by the 5th day of each month.

According to calculations, the average price of diesel fuel for May, taking into account the marginal markup, should be 27.89 hryvnia per liter, gasoline – 30.22 hryvnia per liter.

As a reminder, last week gas station networks raised prices for gasoline and diesel fuel within the range of 0.40-1 UAH / liter. The main reason is the rise in world prices for oil and oil products.

And already this week, the Cabinet of Ministers ordered gas stations to warn about a rise in fuel prices by more than 1% in 20 days. After that, market participants increased prices at gas stations even more.