Ministry of Economy of Ukraine
Partial Refund of Excise Duty: The Ministry of Economy Does Not Expect an Increase in Fuel Prices in the Near Future
26.09.2022 | 10:13The Ministry of Economy does not expect an increase in fuel prices in the near future after the parliament partially refunded the excise tax. Denys Kudin, First Deputy Minister of Economy of Ukraine, told about this on the air of the national United News telethon.
“In our opinion, the timing for the partial refund of excise taxes was well chosen. It is because the Ukrainian fuel market has seen a trend of a price drop. Accordingly, we expect that fuel networks will be able to incorporate the tax into the existing price without increasing it. We do not expect an increase in the prices for oil products in the near future,” said Denys Kudin.
According to him, the amount of excise tax is UAH 3.5-4 per litre. But it is to such a price that fuel prices in Ukraine should now drop. The decrease in the cost of fuel is a global trend that is associated with the decrease in the oil price.
“The oil price on world markets has gone down. Three months ago it reached 120 US dollars per barrel, and now it is at the level of 88 US dollars per barrel. This is a very significant reduction. The world economy experienced high inflation mostly due to rising prices for energy carriers. The governments of the world’s leading countries became interested in this issue and began to look for ways to lower the price. There is only one way to do this in a market economy, which is to increase the volume of supply. Accordingly, against the background of Saudi Arabia’s statements about increasing production, world prices went down. This factor gives us the opportunity to obtain a potential reduction in the cost of fuel production. There is one more factor – it is the national currency which, after updating the fixed exchange rate at the beginning of summer, remains at the current level. If the fixed exchange rate is maintained, we do not expect price fluctuations,” said the First Deputy Minister of Economy.
Denys Kudin also emphasized that fuel shortage is not expected in the near future on the retail market.
“Fuel is currently supplied to the market is full. We are even observing a surplus of oil products – the operators managed to accumulate reserves and stocks, which did not suffice during the period of shortage. Today, a complete diversification of supplies has taken place, and Ukraine is the first country in Europe to completely abandon russian oil products,” Denys Kudin concluded.
Reed also:
-
19.04.2024 | 15:45
| Section for Public and Mass Media Relations
The Ministry of Economy has prepared practical explanations for investors based on the results of the first launch meeting of Ukraine Business Compact
Following the results of the launch meeting of Ukraine Business Compact held in March 2024, the Ministry of Economy of Ukraine presented practical explanations and advice for international investors. The manual was developed with the coordination and analytical support of the Tony Blair Institute, as well as experts from the KSE Institute.
-
19.04.2024 | 15:44
| Section for Public and Mass Media Relations
Ukraine is interested in deepening cooperation between Ukrainian and Danish manufacturers in humanitarian demining: Yuliia Svyrydenko
Ukraine seeks to deepen cooperation with Danish manufacturers in order to create joint ventures for the production of equipment for demining Ukrainian lands. This was stated by Yuliia Svyrydenko, First Deputy Prime Minister - Minister of Economy of Ukraine, during a meeting with Jan Werner Jensen, CEO of the Danish company Hydrema, in Copenhagen on 15 April.
-
19.04.2024 | 15:42
| Section for Public and Mass Media Relations
European Commission approves the Plan for the Ukraine Facility
On Monday, 15 April, the European Commission approved the Plan for the Ukraine Facility and invited the EU Council to adopt the document. EU member states now have one month to adopt the Implementing Decision proposed by the Commission, which will pave the way for the full launch of the Ukraine Facility programme.
-
19.04.2024 | 15:33
| Section for Public and Mass Media Relations
Denmark allocates DKK 300 million to support business projects of its companies in Ukraine
The Danish government allocates additional funds for the Danish-Ukrainian fund, which promotes the attraction of investments by Danish companies in Ukraine. This was stated by Minister for Business of Denmark Morten Bødskov during the Second Investment Forum on the Reconstruction of Ukraine. The event was opened by First Lady Olena Zelenska. In addition, Minister of Foreign Affairs of Denmark Lars Løkke Rasmussen and First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yuliia Svyrydenko took part in the forum.
-
19.04.2024 | 15:31
| Section for Public and Mass Media Relations
eOselia: 9,000 Ukrainian families took loans for the purchase of housing worth UAH 14 billion
According to the eOselia programme, 9,000 Ukrainians took loans for the purchase of housing for a total amount of UAH 14 billion. Every fifth loan have been taken under mass mortgage conditions - at 7%. Deputy Minister of Economy of Ukraine Nadiia Bihun informed about this.