The rise in gasoline and diesel fuel prices at gas stations started in the second half of August. During this period, gasoline prices increased by an average of 3.50 UAH/l (12%), and diesel fuel by 3.60 UAH/l (13%).
This dynamics in the fuel market is explained by two factors at once: a significant fall in the national currency exchange rate and the rise in oil prices on world exchanges. Over the specified period, a barrel of oil rose in price by almost a fifth — from 72 to 86 dollars, which also pushed up quotes for petroleum products. At the same time, the hryvnia lost 1.30 UAH against the dollar.
It is important to remember that almost half of the fuel price is taxes. The excise tax on petroleum products is tied to the euro. If you add up all the currency components, their share in the final price at gas stations reaches 85%, so the relationship between the exchange rate and the cost of fuel is obvious.
As calculated by specialists in the oil and gas sector, a change in the dollar exchange rate by one hryvnia leads to a change in the price of a liter of gasoline and diesel fuel also by one hryvnia.
Unfortunately, neither the state leadership nor the owners of gas stations are able to influence world oil prices and stock exchange quotes. Nevertheless, the rise in fuel prices can be slowed down if excise rates are revised (reduced). This would make it possible to lower prices on the displays and at the same time not lose revenues to the state budget. Such practice has already been applied in Ukraine.
