The fall in the price of imported gas could result in the revision of retail gas tariffs in Ukraine, Naftogaz Ukrainy Board Chairman Andriy Kobolev has said.

"We expect that if the downward trend continues, the upper limit of UAH 7,188 [per 1,000 cubic meters] could be revised downwards. This would depend on two factors: the decline in the global price of gas and stability of the hrynvia exchange rate. If these two factors are seen, this [reduction of retail tariffs] could happen," he said at the second Conductors of Change forum for directors in Kyiv on Thursday.

Kobolev said that it was planned to increase gas tariffs in 2016 to bring them to the level of market prices. However, due to the reduction of imported prices, the upper limit for the tariffs – UAH 7,188 per 1,000 cubic meters does not correspond to the market price, despite being close.

Kobolev did not disclose the indicative price of imported gas which would lead to tariffs being revised downwards.