Ukrainian Antimonopoly Committee Finds No Evidence of Fuel Market Price Collusion – Kyrylenko

During a session of the Verkhovna Rada on Wednesday, Pavlo Kyrylenko, the head of the Antimonopoly Committee of Ukraine (AMCU), reported that the committee has not identified any deliberate actions by operators of gas stations aimed at increasing fuel prices. This announcement comes as part of an ongoing investigation into potential anti-competitive behavior within the fuel market.

Kyrylenko emphasized that, based on the data collected and analyzed thus far, the committee has found no evidence of collusion among market participants regarding price hikes. He noted that since the onset of a price surge in the global oil products market, triggered by the war with Iran, the AMCU has actively gathered and analyzed information to understand the reasons behind the sharp increase in fuel prices.

In his address, Kyrylenko mentioned that consultations have taken place with the government concerning potential market interventions, as well as daily working meetings with the chief executives of key players in the fuel market. He highlighted that all market operators have reported a significant decline in sales volumes and profitability, indicating their willingness to lower prices.

The AMCU chairman explained that the volumes of fuel supplies and sources of purchase for Ukraine are under threat of substantial reduction due to the price surge in the global oil products market. Various factors have also impacted the market, including the rise in actual fuel prices, forecasts of further increases in production costs, depreciation of the national currency, and escalating logistics and customs costs.

Kyrylenko pointed out that these objective factors have similarly affected all market participants. He also noted that all Ukrainian gas station operators predominantly purchase fuel from European countries, dealing with the same producers and traders. This, he stated, eliminates the possibility of market monopolization.

Additionally, Kyrylenko drew attention to the fact that since the onset of the price crisis due to the war, no antimonopoly authorities in European Union countries have initiated cases regarding potential price collusion among market operators. This suggests that while the situation in the fuel market is complex, it is not linked to collusion among participants.