14:44 13.11.2017

Petrol prices to grow by UAH 1 per liter due to growth of global prices, currency instability

2 min read
Petrol prices to grow by UAH 1 per liter due to growth of global prices, currency instability

Retail prices for petrol in Ukraine would increase by UAH 1 per liter due to the growth of global prices and currency instability, Director of the A-95 consulting group Serhiy Kuyun has said.

"The reason for the growth is the world market, as well as currency instability, the prices for early November were very high, for example, they reached $627 for petrol, which is $ 70, or more than 10% higher than October figures ($557 per tonne on average). Diesel oil November prices are higher than October's by $25 ($534 per tonne). In equivalent, this is more than 1.5 UAH per liter of petrol and 70 kopecks per liter for diesel fuel. That is why petrol prices were the first to respond to the upswing of world prices," he told Interfax-Ukraine.

Kuyun said that the currency exchange rate changes substantially every day, which adds nervousness to importers of petroleum products.

"The increase in quotations is very significant in order to pass unnoticed for the completely dependent Ukrainian market. I do not think that the gas stations will transmit the entire growth potential of UAH 1.5 per liter, but most likely UAH 1 per liter will be added to petrol price. As fir diesel fuel the price could be 50 kopeks per liter more. There is a hope that prices may change direction, but in any case our market has already picked up an upward trend and now it will take time to turn around," he said.

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