Gas stations urgently adjust fuel prices: what will the cost of gasoline be?

After the news of Iran opening the Strait of Hormuz, world prices for oil and petroleum products have dropped significantly. The Ukrainian commodity market has also begun to react to this situation, noted Serhiy Kuyun, director of the A-95 consulting group.

Kuyun reported that Ukrainian operators are gradually adjusting prices at gas stations. About ten second-tier networks have already reduced prices for gasoline and diesel. Although the decrease has been going on for several days, consumers usually pay more attention to price increases than to their decreases.

The expert noted that the market reacts quickly to global trends, and if quotes continue to fall steadily, the rate of decline in prices in Ukraine may be similar to those that occurred during the recent price increase.

However, Kuyun warned that drivers should not expect a sharp decrease in fuel prices. “The cost reduction will be gradual. Even if prices have decreased by 10% today, this does not mean that tomorrow or the day after tomorrow they will fall by another 10%. This is due to the availability of fuel stocks purchased at higher prices,” he explained.

The expert also clarified that the need to sell previously purchased expensive fuel deters gas station owners from sharply reducing prices. Therefore, the cost will decrease gradually, as old stocks are sold.

“Fuel prices will decrease as quickly as the market situation allows. All participants are interested in this,” Kuyun concluded.