Business news from Ukraine

Ukraine increased fuel imports 12-fold over the six months of the war – from almost 60,000 tonnes in March to 710,000 tonnes in August, First Deputy Prime Minister and Minister of Economy of Ukraine Yulia Svyrydenko said.
“If in March we imported an average of 827 tonnes of gasoline and 1,400 tonnes of diesel fuel per day, then in August – 4,200 tonnes and 16,900 tonnes, respectively. We see a gradual accumulation of oil products on the market due to the constant growth of imports. That is why today there is no excessive demand for fuel, there are no queues at gas stations, and prices do not show a tendency to rapid growth,” Svyrydenko said, the words of which are quoted in the message of the Ministry of Economy on the website on Friday.
According to the Ministry of Economy, a total of 58,800 tonnes of gasoline, diesel fuel and liquefied gas were imported in March, 380,800 tonnes in May, and 709,500 tonnes in August.
“According to consumption forecasts in September-December, Ukraine needs 500,000-550,000 tonnes of fuel every month. We import large volumes, which allows us to fully meet the needs of the Armed Forces of Ukraine, as well as emergency and public services, farmers, and public transport,” the first deputy prime minister said.
According to her, the increase in imports was facilitated, in particular, by the abolition of excise duty on petroleum products, the reduction of VAT from 20% to 7%, the suspension of regulation of fuel prices, as well as a number of measures aimed at facilitating the import of fuel into Ukraine.
She also noted the westward reorientation of fuel imports that occurred after the Russian invasion.
“Today, we receive 95% of imported gasoline and 72% of diesel fuel from EU countries. The leaders in supply are Romania, Lithuania, Slovakia, Greece, Bulgaria and Poland. So, quite quickly, we were able to radically change the vector of oil product imports in such a way as to receive it in sufficient quantities to cover all our needs,” Svyrydenko emphasized.