War in Middle East and panic buying: Largest filling station chains raise fuel prices daily
Gasoline and diesel fuel prices at the largest filling station chains have risen by an average of 5 hryvnias per liter since last Saturday.
At the same time, due to surging demand, a number of filling station chains have suspended fuel prepayment services or significantly limited fuel purchases through mobile applications, the industry publication Naftorynok reports.
Thus, over the past weekend and on Monday, gasoline and diesel prices at most major filling station chains rose by 1 hryvnia per liter.
On Tuesday, March 3, the OKKO and WOG chains increased gasoline and diesel prices by another 2 hryvnias per liter, while the UPG chain raised prices by as much as 3 hryvnias. In addition, on Tuesday, prices were also increased by Ukrnafta (up to 2 UAH/l), BRSM-Nafta (up to 2 UAH/l), AMIC (up to 2 UAH/l), SOCAR (up to 2 UAH/l), KLO (up to 2 UAH/l), Parallel (up to 2 UAH/l), Chipo (up to 4 UAH/l), and others.
Already on Wednesday, March 4, prices at most filling stations rose by another 2 hryvnias per liter.
In particular, the OKKO chain increased prices by 2 hryvnias per liter, after which regular fuel crossed the mark of 70 UAH/l, while high-octane Pulls 100 gasoline costs more than 80 UAH/l. WOG, which usually maintains price parity with OKKO, left prices unchanged in the morning but later in the day also raised them by 2 hryvnias.
At the same time, state-owned Ukrnafta and UPG increased prices by 2 UAH/l on Wednesday, Parallel by 3 UAH/l, KLO by 4 UAH/l, and BRSM-Nafta by 2 UAH/l.
According to Serhii Kuiun, director of the A-95 Consulting Group, the main reason for the rapid price increase is primarily panic-driven demand for fuel amid news about the war in Iran and risks to oil supplies, enkorr reports.
He noted that over the past few days, fuel sales through retail networks have increased by about 50%, and at some stations even more.
"Meanwhile, everything is fine on our side. Networks have reserves, in particular all are filled with gasoline. There is also diesel fuel; with the disappearance of frosts, its supply has increased, all gateways have opened. But surging demand is draining filling stations. I think the panic has already inflated prices by at least 5 UAH/l," Kuiun explained.
According to him, representatives of filling station chains confirm they still have fuel stocks purchased earlier, but due to panic buying, they are beginning to price fuel based on current high market quotations.
As reported, Danylo Hetmantsev, head of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, called on fuel market representatives not to raise prices amid the war in the Middle East.
