The gas station updated fuel prices - what drivers in Ukraine should prepare for.

Fuel prices for gasoline, diesel, and gas in Ukraine are continuously rising and show no signs of stabilizing. Some experts predict that if the USA imposes sanctions against buyers of Russian oil, fuel prices could jump by at least 10 hryvnias per liter, as quickly replacing Russian products will be extremely difficult.

Regarding the potential impact of sanctions on fuel prices and whether a sharp price increase is expected, Andriy Zakrevsky, Deputy Director of the Association of Energy and Natural Resources of Ukraine, shared insights during the Morning.LIVE show.

Will there be an oil shortage

'I believe in the strong hand of the market, which has shown its strength even during the onset of war. I do not think that the exit of Russian oil will happen so quickly. However, the pace of increasing American oil will not be fast either - we won’t see this oil 'flowing' for another year,' says the expert.

He also noted that the USA has large oil reserves that are constantly increasing. Therefore, at any moment, American President Donald Trump can act like his predecessor - Joe Biden, who for 60 days released a million barrels of oil from reserves onto the market, preventing a shortage.

When might fuel prices rise

Andriy Zakrevsky is confident that the strengthening of the euro affects the increase in fuel prices, which will continue to influence the market situation. However, he considers a sudden increase in prices to be unlikely.

'If gasoline were to rise by 10 hryvnias now, which I highly doubt, it would happen due to the euro exchange rate rising to 53-54 hryvnias. If that happens, then yes, fuel prices will increase,' says the expert.

After Russian strikes on the Kremenchuk Oil Refinery, Ukraine buys all oil products in euros, which reflects on the price. Even if the euro rate decreases, fuel prices will remain at the same level since gas stations purchasing fuel abroad will sell the remaining stocks at inflated prices.

Ukrainian experts discussed the possible consequences of imposing sanctions against buyers of Russian oil and the likelihood of a sharp increase in fuel prices in the country. They noted that the situation in the oil and gas market remains uncertain, but it is currently unknown if this will cause a sudden price increase for Ukrainian drivers.