Published by Global Banking & Finance Review®
Posted on March 3, 2026
2 min readLast updated: April 2, 2026
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Fuel prices in Ukraine jumped roughly 5% over two days due to disruptions in Gulf oil supplies via the Strait of Hormuz, though analysts expect a return to previous levels if demand remains stable. A‑95 consultancy cites trader caution as the main driver.
KYIV, March 3 (Reuters) - Fuel prices in Ukraine, which is dependent on imports, have risen by about 5% over the past two days on news of problems with oil supplies from the Gulf, but are unlikely to continue rising, a top analyst at A-95 consultancy said on Tuesday.
The strait is the world's most vital oil export route, which connects the biggest Gulf oil producers, such as Saudi Arabia, Iran, Iraq and the United Arab Emirates, with the Gulf of Oman and the Arabian Sea.
"Traders were not prepared, and the price increase is their attempt to prevent a possible rush on fuel," Serhiy Kuyun told Reuters.
According to him, if demand remains limited, retail market prices will soon return to pre-crisis levels.
A-95 said last month that Ukraine boosted petrol imports by 70% in January compared to January 2025 due to a lack of domestic production and growing demand from businesses and the population forced to use generators amid widespread power outages following Russian attacks on power facilities.
(Reporting by Pavel Polityuk, Editing by Louise Heavens)
Ukraine's fuel prices increased by about 5% due to problems with oil supplies from the Gulf, the world's most vital oil export route.
Further growth in fuel prices is unlikely, as limited demand may lead retail prices to return to pre-crisis levels, according to A-95 consultancy.
Ukraine boosted petrol imports by 70% in January compared to January 2025 to compensate for a lack of domestic production.
The demand increased due to more businesses and the population using generators amid widespread power outages following Russian attacks.
Serhiy Kuyun, a top analyst at A-95 consultancy, provided insights on the recent fuel price changes in Ukraine.
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