Will fuel prices continue to rise? An expert's opinion

August 10, 2023

Fuel prices will rise further, said the director of energy programmes of Razumkov Center Volodymyr Omelchenko on the air of Yedyny Novyny telethon.

Over the past four days, gasoline prices increased by 40 kopecks, diesel fuel — by 45. The reason is that the old stocks are running out, when the fuel was imported under the old rules, with a lower excise duty and no VAT. The increase in the price of oil in Europe also had a negative effect. Everyone knows that Ukraine depends on it.

The expert noted that, in his opinion, fuel prices will continue to rise. However, this rise will depend on prices on world markets.

“I think prices will be limited by solvent demand. Traders cannot raise prices to a level where, say, fuel sales will drop drastically. The increase in prices is limited not only by the market situation but also by the rather low solvent demand of the population. So, this factor will have a strong influence and prices will not rise sharply”.



Volodymyr Omelchenko

Director, Energy Programmes

Born in 1967 in Kyiv

Education: Kyiv Politechnic Institute, Department of Chemical Engineering (1992)

Author of over 50 scientific works and op-ed publications. Took part in development and implementation of international energy projects and scientific research in international energy policy


1992 – 1996 — worked in different positions in the mechanical engineering industry

1997 – 1998 — Head Expert of the Division of Oil, Gas and Petroleum Refining Industry of the Ministry of Economy of Ukraine

1998 – 2003 — Naftohaz Ukrayiny National Joint-Stock Company, in Charge of Oil Transportation Section

2004 – 2007 — Chief Consultant at the National Institute of International Security Problems of Ukraine’s NSDC

since February, 2007 — Leading Expert, Razumkov Centre. Director of Energy Programmes since 2013

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