Fuel stations 'forgot' to lower prices: oil is getting cheaper, while Ukrainians overpay for gasoline.

Since the beginning of the week, global oil prices have sharply decreased due to a statement by U.S. President Donald Trump about a ceasefire in the Middle East. The price of Brent crude fell below $70 per barrel. A particularly sharp decline occurred on Tuesday, June 24, when the price of Brent crude fell by nearly 9%.

'When oil prices fall in the markets, the effects are not immediately reflected in fuel prices in Ukraine. However, when oil prices rise, the changes in cost at the pumps can happen very quickly,' explained Andriy Dubas, president of the Ukrainian Banks Association.

Last week, there was an increase in fuel prices in Ukraine due to the conflict in the Middle East. Prices for gasoline and diesel fuel rose by more than 2.6 hryvnias and 3 hryvnias respectively.

Positive Effects of Falling Oil Prices

Economist Oleg Pendzin noted the positive effect of falling oil prices: 'If prices exceeded $100 per barrel, the cost of fuel in Ukraine would have risen by 12-13 hryvnias per liter. Now this will be avoided, and for Russia, this means an increase in profits several times over.'

A decrease in the rate of increase in fuel prices may slow down the growth of currency value. The price of the euro is approaching 49 hryvnias. Ukraine is significantly dependent on fuel imports; last year, gasoline and diesel fuel were purchased from countries in the European Union.

The article discusses the sharp decline in global oil prices in connection with the statement by the U.S. President about a ceasefire in the Middle East. Ukrainians may hope for a decrease in fuel prices in the future, which could positively affect the country's economy and tariffs for the population.