The Cabinet of Ministers of Ukraine has drawn up a draft law on a new independent agency to regulate gas, electricity and utilities prices and tariffs and urges the parliament to pass it in the shortest possible time, Ukrainian Prime Minister Arseniy Yatseniuk has said.

"The goal is an independent, transparent and effective professional agency for setting gas, electricity and utilities prices and tariffs that is in line with European standards," Yatseniuk said while opening a cabinet meeting in Kyiv on Thursday.

He said that at present the National Commission for Energy, Housing and Utilities Services Regulation (NCER) – a "so-called" independent agency – sets the tariffs and prices, and not the cabinet.

He said that some coalition members have started preparing for local election, using the tariff issue, reminding those present of the liabilities of the coalition.