Svyrydenko Discusses Fuel Price Reductions in Ukraine with Naftogaz Leadership

Ukrainian Prime Minister Yulia Svyrydenko has recently engaged in discussions with the leadership of Naftogaz Ukraine regarding the current dynamics in global oil markets. According to her, these developments could potentially result in lower fuel prices within Ukraine. She shared insights on this topic through her Telegram account, emphasizing the importance of a timely market response to fluctuations in price trends.

During the meeting, Svyrydenko stated, "I held a meeting with the Chairman of the Board of Naftogaz Ukraine to address the current situation in global oil and petroleum product markets. We are observing a decline in quotations on major exchanges, which should directly influence fuel prices in Ukraine." Her remarks highlight the government's proactive approach in monitoring and responding to international market changes.

The Prime Minister noted that the state-owned network of gas stations, Ukrnafta, has already begun to respond to market changes by initiating price reductions for fuel. She expressed hope that if the current trends in global markets continue, a more significant decrease in fuel prices in Ukraine could be anticipated.

"The market must respond fairly to changes in price dynamics," Svyrydenko added, stressing the importance of an adequate reaction from all market participants to shifts in pricing policies.

Furthermore, Svyrydenko emphasized that the current availability of fuel in Ukraine remains stable. In March of this year, the country achieved record fuel supply volumes not seen in the past five years, and a similar trend is expected to continue into April.

It is important to recall that on February 28, 2026, Israel and the United States announced military actions against Iran, dubbed "Lion's Roar" (Israel) and "Epic Fury" (USA). These events significantly impacted global oil markets, as prices surged sharply on March 2, marking the largest increase in four years. However, prices soon fell as traders began to assess the actual closure of the Strait of Hormuz, a consequence of the armed conflict between the US and Israel.

Notably, fuel prices in Ukraine, which heavily relies on imports, rose by approximately 5% due to news concerning supply issues from Gulf countries. As of March 4, 2026, a rapid increase in fuel prices was observed in Ukraine, driven by surging demand.

Danilo Hetmantsev, the head of the Tax Committee of the Verkhovna Rada, urged participants in the fuel market to limit price increases to avoid the need to appeal to the Antimonopoly Committee of Ukraine (AMCU). On March 5, 2026, the AMCU demanded explanations regarding unusual pricing at gas stations.

In the night of April 8, US President Donald Trump announced an agreement to suspend bombing Iran for two weeks, contingent upon the immediate reopening of the Strait of Hormuz. He emphasized that this agreement entails a bilateral ceasefire. Subsequently, Iran's Supreme National Security Council confirmed the agreement for a two-week ceasefire with the US, which could positively impact the oil market and fuel prices in Ukraine.