Ukraine's National Bank expects a rise in fuel prices in 2024
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Ukraine's National Bank expects a rise in fuel prices in 2024


In the spring of 2024, an increase in oil prices is expected, which will lead to a somewhat faster increase in the price of fuel this year.

Changes in fuel prices

In its inflation report, the National Bank of Ukraine(NBU) notes that the decline in global oil prices in 2023 contributed to the slowdown in fuel price growth.

According to the NBU forecast, the expected increase in oil prices in the spring of 2024 and a moderate decrease in the future will lead to a somewhat faster increase in fuel prices this year — up to 13.2%.

According to the NBU, this will have an indirect pro-inflationary effect on the cost of transport services and specific goods. The fuel cost will stabilise in the future due to the gradual decrease in world oil prices.

Demand for fuel also increased in Ukraine. It happened in the context of an increase in net demand for foreign currency since November due to demand for imported food products, fuel and some products of the engineering and pharmaceutical industries.

Fuel for AFU will be marked with colours

Diesel fuel for the Armed Forces of Ukraine will be marked in red, while gasoline will be marked in green.

Marking makes it possible to identify and track fuel purchased exclusively for the needs of the Armed Forces and reduces the possibility of its illegal sale.

In addition, the specified colour will prevent abuse on the ground regarding fuel mixing.

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