Ukraine sees natural gas price drop for fifth month in a row

10 April, 04:40 PM
In Ukraine, domestically produced gas has been cheaper for five months in a row (

In Ukraine, domestically produced gas has been cheaper for five months in a row (

The price of domestically produced gas in Ukraine in March 2023 was the lowest reported since the beginning of Russia's full-scale war, the Finance Ministry stated on April 10.

The March 2023 average weighted price of gas produced in Ukraine, fixed at UAH 18,681 ($507), without VAT, per 1,000 cubic meters, is the lowest since March 2022, according to Economic Ministry data analyzed by the Finance Ministry.

Over the past 13 months, the highest gas price, in hryvnias, was recorded in September 2022, when prices jumped by nearly UAH 16,000 ($435) in a single month: to UAH 39,952 ($1,086) from UAH 24,045 ($653) per 1,000 cubic meters in August 2022.

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The price of gas then declined every month from October 2022, with prices dropping even lower closer to the end of the heating season.

The price dynamics since the beginning of the full-scale Russian invasion have been the following:

— UAH 29,391 ($969) per 1,000 cubic meters in March 2022

— UAH 35,933 ($1,222) in April

— UAH 31,175 ($1,050) in May

— UAH 32,194 ($870) in June

— UAH 31,992 ($869) in July

— UAH 24,045 ($653) in August

— UAH 39,952 ($1,086) in September

— UAH 38,295 ($1,041) in October

— UAH 28,856 ($784) in November

— UAH 26,199 ($712) in December

— UAH 23,723 ($645) in January 2023

— UAH 20,728 ($563) in February 2023

— UAH 18,681 ($507) in March 2023.

The day-ahead contract at the TTF hub in the Netherlands on April 6 was closed at $489 per 1,000 cubic meters. On April 7, markets were closed for the Easter holidays.

Earlier, it was reported that Ukrainian state-owned fossil fuel company Naftogaz plans not to import gas for the next heating season for the first time in its history.

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