Fuel prices in Ukraine continue to decline—this applies primarily to diesel, which has dropped by another 1–3 UAH per liter over the past five days, according to price monitoring at select gas station chains conducted by Energoreforma.
According to the report, natural gas prices have also fallen by up to 1 UAH per liter.
Gasoline prices remain stable, at the same level as on June 17.
According to calculations by Serhiy Kuyun, director of the consulting firm “A-95,” the price of diesel fuel has already dropped by more than 12 UAH per liter from its peak of over 90 UAH per liter.
He noted that at the start of the crisis, the price of diesel fuel was 62 UAH per liter.
The expert also pointed out that smaller retail chains, which do not have remaining stocks of fuel purchased at high prices, are lowering their prices more aggressively.
Regarding gasoline, Kuyun explained that there is no noticeable downward trend, since the difference between the purchase price (customs value) and the retail price during the “Iranian crisis” only returned to its pre-crisis February level in June.
“In other words, there are no excess profits that could explain the slowdown in price reductions. Gasoline margins have completely collapsed, which is why prices aren’t really falling. Gas stations’ finances are currently being propped up by diesel, though that doesn’t prevent diesel prices from falling sharply,” Kuyun wrote.
At the same time, the director of “A-95” emphasized that Russian attacks on gas station networks continue, and these losses are also putting pressure on their finances.
“Last week, one of the major chains lost an oil depot containing $1.5 million worth of fuel. Another chain reports that it suffers 15–20 ‘lightning strikes’ every week in frontline regions. WOG has already lost 6–7 gas stations, each worth $1 million. Gasoline and natural gas tankers are burning,” Kuyun described the situation.
He also noted that there had been an initiative to create a fund to compensate for these losses, but so far there are no sources of funding for it.
Kuyun pointed out that current global prices are not the only factor in pricing, but given the level of competition and the large number of gas stations, supply sources, and logistical capabilities in the Ukrainian market, in his opinion, there is no chance of operating under any rules other than market ones.
For his part, Volodymyr Omelchenko, director of energy and infrastructure programs at the Razumkov Center, noted that autogas is once again becoming more cost-effective than gasoline, having dropped by more than 5 UAH/liter in one month and more than 7 UAH/liter in two months.
Meanwhile, gasoline prices fell by only 1.1 UAH per liter over the same period. He noted that currently, a liter of LPG costs approximately 56% of the price of a liter of A-95.
Omelchenko attributed this, in particular, to a decline in the wholesale price of LPG, which fell by 3.46 UAH per liter over the past month.
According to him, propane and butane prices have fallen in Europe, and the import parity for LPG has also declined since its April peak. As of June 19, it stood at 34.43 UAH per liter, compared to 40.95 UAH per liter on April 16.
However, he also noted that the price cap at gas stations is determined not only by European quotations but also by the influence of wholesale prices, logistics, taxes, exchange rates, security risks, and the safety margins of the networks themselves.
“Therefore, a decrease in external prices does not always immediately translate into an equivalent decrease at the retail level,” Omelchenko said.
As previously reported, fuel prices in Ukraine began to decline around mid-June amid reports of a stabilizing situation in the Middle East and falling oil prices. On June 19, Pavlo Kyrylenko, head of the Antimonopoly Committee of Ukraine, convened fuel market participants to discuss the situation.
He drew their attention to the fact that over the past few weeks, global markets have seen a significant drop in prices for crude oil and petroleum products, but in Ukraine, the pace of decline in retail fuel prices remains significantly slower than the pace of their previous rise.
Market participants were asked to provide further explanations regarding the reasons for the slower decline in petroleum product prices compared to their previous rapid rise, as well as the factors influencing how quickly lower petroleum product costs are reflected in prices for end consumers.
On June 17, Natalia Nikeshina, marketing director of the national network of gas stations operating under the Parallel brand, predicted that the potential for price reductions ranges from 6 UAH to 12 UAH per liter. According to her, the largest drop can be expected if European prices do indeed fall to pre-crisis levels.
According to Serbian Economist, Hungarian oil and gas company MOL has received approval from U.S. authorities to continue negotiations on the acquisition of a controlling stake in Serbian NIS until May 22, 2026. This was reported by Reuters, citing a statement from MOL.
The negotiations concern the purchase of shares held by Russian shareholders—Gazprom Neft and Gazprom, which own 44.9% and 11.3% of NIS, respectively. Initially, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) set a deadline of March 24 for finalizing the Russian companies’ exit from NIS’s capital, but this deadline has now been extended to May 22.
In January, MOL signed a binding agreement with the Russian shareholders to purchase their stakes in NIS, and the Emirati company ADNOC is set to acquire a minority stake as part of this deal. The Serbian government retains a 29.9% stake in the company.
For Serbia, the issue of changing NIS’s ownership is of strategic importance, as the company remains the country’s largest fuel supplier and the operator of the only oil refinery in Pančevo. Last week, the U.S. also extended the sanctions waiver for NIS itself until April 17 so that the company could continue importing crude oil.
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According to data from the A-95 consulting group, retail prices for diesel fuel rose from 58.3 to 59.9 hryvnia per liter, or by 1.6 hryvnia per liter, between January 5 and January 30. while prices for A-95 gasoline rose from 58.2 to 60.3 hryvnia per liter, or by 2.1 hryvnia per liter.
According to A-95 director Sergey Kuyun, the reason for the rise in fuel prices in January is the global increase in oil prices.
“Today is January 30. Since the beginning of the month, the price of oil has risen from $60.7 to $70.7 (+16.5%). Global diesel fuel prices for the same period rose from $614 to $714/t (+16.2%),” he wrote on his Facebook page at the end of last week.
The expert also noted that wholesale prices for automotive diesel fuel in Ukraine rose from 48.52 to 52.46 UAH/liter, or by 4 UAH/liter (+4%), over the same period.
“In other words, we see that global prices rise first, followed by wholesale prices, and only then retail prices,” he said.
At the same time, according to A-95, prices for autogas rose by only 0.7 UAH/liter between January 5 and 30, from 37.6 to 38.3 UAH/liter.
Ukrnafta JSC announces a commercial procurement for the provision of road transport services for light petroleum products to supply its network of filling stations.
Due to the expansion of its network and increased sales of petroleum products, the company invites qualified suppliers of oil and gas products to submit commercial proposals.
The procurement will take place on the platform https://zakupivli.pro/ in two stages; proposals submitted by other means will not be considered.
For more detailed information on participation in commercial procurement and the selection process, please contact us by email: Dmytro.Sles@Ukrnafta.com or follow this link.
Commercial proposals will be accepted until January 27, 2026, inclusive.
We are looking forward to working with reliable partners!
JSC Ukrnafta is Ukraine’s largest oil production company and the operator of the largest national network of gas stations, UKRNAFTA. In 2024, the company entered into asset management with Glusco. In 2025, it completed an agreement with Shell Overseas Investments BV to purchase the Shell network in Ukraine. In total, it operates 663 gas stations.
The company is implementing a comprehensive program to restore operations and update the format of its network of gas stations. Since February 2023, it has been issuing its own fuel vouchers and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
The largest shareholder of Ukrnafta is Naftogaz of Ukraine with a 50%+1 share.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer the company’s corporate rights, which belonged to private owners, to the state, and they are now managed by the Ministry of Defense.
The rise in global oil prices, coupled with the depreciation of the hryvnia against the euro and the dollar, could lead to higher fuel prices in the retail market as early as January, said Sergey Kuyun, director of the consulting company A-95.
“The exchange rate has added one hryvnia, and global prices have added one and a half. The market is holding steady for now, but I think that if nothing changes, there will be some correction, or more precisely, a price increase as early as January,” he said during a briefing at the Media Center of Ukraine in Kyiv on Thursday.
According to the expert, the price of gasoline on the wholesale market has already risen by 2 hryvnia per liter, and the price of diesel fuel, in particular its Arctic brand, which has seen a sharp increase in demand with the onset of frost, is showing similar growth dynamics.
As reported, the increase in excise taxes on fuel from January 1, 2026, did not lead to an increase in prices at gas stations at the beginning of the year, as the decrease in the purchase cost of fuel in December due to the decline in world oil prices offset the tax increase.
In Ukraine, the third stage of the planned increase in excise taxes on motor fuel took place on January 1, 2026, in particular, on gasoline – by UAH 1.75/liter, on diesel fuel – by UAH 2.25/liter, and on autogas – by UAH 1.5/liter.
Prior to this, on September 1, 2024, and January 1, 2025, there was a two-stage increase in excise taxes on fuel, as a result of which the tax on autogas increased by 6.4 UAH/liter, on gasoline by 3 UAH/liter, and on diesel fuel by 4 UAH/liter.
According to the Serbian Economist, Serbia has not received a special license from the U.S. OFAC to continue the work of the company NIS, which has fallen under U.S. sanctions. This was announced by Serbian President Aleksandar Vucic. He also said that Serbia has decided to completely shut down the Pančevo refinery.
Since November 25, the NIS refinery has been operating in a reduced circulation mode due to a shortage of oil. Vucic noted that NIS will decide when to complete the shutdown of the refinery.
Earlier it was reported that the Serbian parliament is preparing an amendment that would allow Serbia to become the owner of NIS. A possible sale of 56.15% of NIS shares to Hungarian partners is also being considered.
NIS, a subsidiary of Gazprom Neft, was included in the US SDN List in 2025.
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