Ukraine as part of cooperation with the International Monetary Fund (IMF) and other international financial institutions (IFIs) has agreed that a new model of the gas market aimed at growth of competition would be designed, Ukrainian Finance Minister Oleksandr Danyliuk has said.

"Now we are designing a new model of the gas market, which would create competition, jointly with the World Bank and the IMF," he told Interfax-Ukraine on Thursday in Davos on the sidelines of the Ukrainian Breakfast organized by the Victor Pinchuk Foundation.

The minister said that the absence of monopoly results in the decline in the price on the market.

"This is a sensitive issue for people, as prices are too high. We are looking for all the opportunities to take into account this factor and prices become lower," Danyliuk said.