The Cabinet of Ministers of Ukraine plans to increase the gas price for PJSC Ukrgazvydobuvannia to $150 per 1,000 cubic meters by April 2017, according to a memorandum signed by the government and the International Monetary Fund (IMF).

"The price paid by the subsidiaries of Naftogaz Ukrainy will be gradually raised to at least the level equivalent to $150 per 1,000 cubic meters by April 2017 to promote investment and increase the capacity of future gas production. We guarantee that our structure of forming energy prices will cover all the costs of investment in full," reads the document.

The memorandum states that when the price of components not related to Naftogaz changes, Ukraine will adjust retail prices rather than the tariff obtained by Naftogaz.