Zelensky Signed a Law to Increase Fuel Excise Taxes: How Prices at Gas Stations Will Change.

President of Ukraine Volodymyr Zelensky signed amendments to the Tax Code, which provide for an increase in fuel excise taxes. This decision aims to increase excise tax rates to the level applicable in the European Union. The changes came into effect on September 1 of this year.

Initially, the excise tax on fuel increased from 211.5 to 242.6 euros per 1000 liters for gasoline, from 139.5 to 177.6 euros per 1000 liters for diesel fuel, and from 52 to 148 euros per 1000 liters for liquefied gases and mixed propane-butane.

However, this is only the first stage of excise tax increases. The next is scheduled for January 1, 2025. In particular, from 2028, the following excise tax rates on the main types of fuel are planned to be established: 359 euros per 1000 liters for gasoline, 330 euros per 1000 liters for diesel, and 250 euros per 1000 liters for liquefied gas.

The increase in excise taxes will contribute to an increase in revenues to the state budget. It is expected that due to the new excise tax rates, the second half of 2024 will bring additional revenues amounting to 1.604 billion hryvnias per month.

This decision is one of the measures to strengthen the country's budgetary situation. Experts are considering the impact of these changes on fuel prices at gas stations.