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Ukrainian gas stations have sharply raised fuel prices. The main reason is tension in the global oil market due to the conflict in the Middle East. However, further price spikes may not occur.
Key points:
Sharp increase: Fuel prices rose by 2 UAH per liter in a single day. On popular gas stations, gasoline prices range from 68.99 to 71.99 UAH per liter.
Reason for the rise: Escalation of conflict in the Middle East, a key oil-producing region.
Preventive measure: Ukrainian gas stations raised prices to hedge against potential increases in global oil prices.
Price peak: Experts believe this may be the top. Once the military operation in Iran ends, oil prices could fall to around $60 per barrel, leading to lower fuel prices in Ukraine.
Current prices at major Ukrainian gas stations:
OKKO: Pulls 95 – 71.99 UAH, 95 Euro – 68.99 UAH, Pulls Diesel – 71.99 UAH, Diesel Euro – 68.99 UAH
Why fuel prices are rising in Ukraine
According to experts, the recent increase in fuel prices is a reaction to events in the Middle East.
"This is the largest oil and gas production hub, and European refineries depend on it. All markets are nervous due to the risk of supply disruption," explained Serhiy Kuyun, director of the A-95 Consulting Group.
At the same time, markets do not fully believe in large-scale risks yet. The industry continues to operate, but the situation remains tense and uncertain.
Current situation in Ukraine
Kuyun noted that the Ukrainian market responded by:
halting wholesale sales due to uncertainty with supply;
raising prices as a protective measure against sharp increases in global quotations.
Currently, oil costs about $80 per barrel, though prices have begun to decline. Additionally, the U.S. State Department has announced measures to stabilize the oil market.
What drivers can expect
Experts believe that the market has reached a price peak.
"Fuel prices in most networks rose by 2 UAH this morning. I think this is a protective reaction. Prices are unlikely to rise further. We should only see a downward trend," said Kuyun.
He also suggested that after the operation in Iran ends, oil prices could drop below $60 per barrel.
Background: Middle East tensions
The situation in the Middle East escalated sharply at the end of February after a joint U.S.-Israel operation against Iran. U.S. President Donald Trump stated that the strikes targeted Tehran’s missile capabilities and military-industrial infrastructure.
Following the initial strikes, Iran reported the deaths of Supreme Leader Ali Khamenei and several high-ranking officials. In response, Tehran launched missile attacks on Israel and U.S. military facilities in the region. Civilian targets in the Persian Gulf countries were also affected.
Particular concern arose over the Strait of Hormuz, a strategic route through which a significant portion of the world’s oil exports passes. Despite Iranian claims, the U.S. reports that the strait is not blocked and shows no signs of mining.
