The Iranian factor hit gas stations: fuel prices in Ukraine are rising

In Ukraine, fuel prices have increased by about 5% over the past two days. Market operators attribute this to news of problems with oil supplies from the Persian Gulf region.

Reuters reports this.

As stated by Serhiy Kuyun, director of the A-95 consulting group, traders did not expect a sharp aggravation of the situation, so they promptly raised prices to prevent possible hype demand.

According to him, if demand remains subdued, retail prices may soon return to pre-crisis levels.

Ukraine remains dependent on fuel imports. The Strait of Hormuz, through which a significant portion of the world’s oil exports pass, connects key producers in the Persian Gulf to world markets. Any tension in this region immediately affects quotes.

Earlier, A-95 reported that in January, Ukraine increased gasoline imports by 70% compared to the same period last year. The reason was a shortage of domestic production and increased demand from businesses and the population, who are massively using generators due to Russian attacks on energy infrastructure.

Recall that Iran’s threats to ships in the Strait of Hormuz caused a sharp increase in world oil prices and may change the trend of declining Russian oil revenues.