Wholesale gasoline and diesel prices in Ukraine rose sharply late last week, following trends in global markets. Large fuel retail chains quickly adjusted prices, reports ProAgro Group.

According to monitoring data from the A-95 Consulting Group, over the three days from February 18 to 20 the average wholesale gasoline price increased by UAH 0.50 per liter to UAH 52.50/l. Diesel fuel rose even more significantly — by UAH 1.37/l to UAH 53.32/l.

This led to a noticeable increase in retail prices at filling stations. Average gasoline and diesel prices rose by UAH 0.50 per liter, reaching their highest levels since early 2022 — UAH 61.49/l and UAH 61.15/l respectively.

Market experts do not rule out further price growth. According to Dmytro Leushkin, fuel market expert and founder of the Prime group of companies, gasoline and diesel prices at Ukrainian filling stations may rise by another UAH 1 per liter once average daily temperatures consistently exceed 0°C.

The key drivers behind possible price increases are exchange rate fluctuations and developments on the global oil market. The expert emphasized that the Strait of Hormuz is a critical artery of the global oil trade, accounting for around 20% of worldwide oil shipments. In the event of an escalation in Iran and prolonged restrictions on tanker traffic, oil prices could surge to $100 per barrel amid market panic.

As previously reported, Ukraine is already developing bioethanol processing capacities of about 1 million tonnes of corn within industrial parks. To fully utilize these facilities, around 3 million tonnes of raw material will be required annually.

Source: UNIAN