Business news from Ukraine

Business news from Ukraine

MINISTRY OF ECONOMY EXPECTS VOLUME OF GASOLINE ON MARKET TO QUADRUPLE, DIESEL FUEL TO DOUBLE

5 May , 2022  

The shortage of fuel resulting from the destruction of the Kremenchuk Oil Refinery and a number of tank farms by the aggressor can be mitigated by the arrival of additional volumes on the market, First Deputy Prime Minister, Minister of Economy of Ukraine Yulia Svyrydenko said on Wednesday at a meeting of the Congress of Local and Regional Authorities.
“We have passed a number of government decisions that allow us to send the volumes available in the country to the market. This is 70,000 tonnes of gasoline and about 40,000 tonnes of diesel and it should reduce the deficit,” she said, adding that operators also contracted certain volumes in Europe.
Svyrydenko said that market operators now have 22,500 tonnes of gasoline and 41,400 tonnes of diesel fuel in their balances.
She also said that there is excess demand on the oil products market, which may be caused by panic among the population due to a temporary shortage of fuel.
The press service of the Office of the President said that the government is constantly cooperating with market operators to understand the needs and find ways to eliminate the shortage.
As reported, the shortage of fuel in Ukraine arose due to the cessation of its supplies from the traditional markets of Belarus and the Russian Federation and the blocking of sea supplies, massive attacks by the Russian aggressor on the market infrastructure, in particular, the destruction of the Kremenchuk oil refinery, as well as due to the government-imposed marginal prices for gasoline and diesel fuel.

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