News & Analysis

Naftogaz to cut gas prices for households, industry

Ukraine’s state gas company Naftogaz has announced that it will propose cutting gas prices for both Ukrainian households and industrial consumers, following a decline in prices on the global market, the Ukrainian press reports.

Starting from June 1, the maximum price of gas for industrial use will be cut by 7.9 per cent compared to the price in May, when it stood at 7,558 hryvnias (286 US dollars) per 1,000 cubic metres.

“From July, Naftogaz will be selling gas for household use at a price almost eight per cent cheaper, 5,803 hryvnias (219 US dollars) per 1,000 cubic metres,” Naftogaz CEO Andrey Kobolyev said, adding that the cut in prices do not include VAT, as well as transportation and distribution costs.

The decision proposed by Naftogaz follows a similar decision earlier in May when the country’s government agreed with the state gas company to cut prices in accordance with the decline in global gas prices.