Energy and Coal Industry Minister of Ukraine Volodymyr Demchyshyn and oil traders have agreed that light oil products prices must respond to the oil price drop within two weeks.

"Light oil products prices must respond to the oil [price] slump within next two weeks, mainly depending on the hryvnia exchange rate to the U.S. dollar. This was agreed today at a meeting of Energy Minister Volodymyr Demchyshyn and key oil traders. The minister said that consumers must feel the drop of oil prices on global markets," the ministry wrote on its official Facebook page on Wednesday.

The ministry said that representatives of companies that supply petrol and diesel fuel said that the analysis can be conducted at the beginning of February, as January typically shows a descent in sales, and only after new supplies of imported fuel.

"Oil traders paid attention to the structure of petrol price where the share of taxes and excise duty is more than a half, and the fall of its price cannot fully correspond to the oil price trend," the ministry said.

Demchyshyn supported the initiative of the regular publication of indicative fuel prices and its structure in open sources to have the elements of fuel price as transparent and clear as possible.

"A permanent advisory and analytical group with the participation of the Energy and Coal Industry Ministry, State Fiscal Service and NBU [National Bank of Ukraine] will be created. The ministry will monitor the price policy of companies, and the Antimonopoly Committee of Ukraine would be involved in the analysis of prices if it is required," the ministry said.