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2026-04-08 17:53:04
[Ukraine's March Fuel Imports Hit Record High as Prime Minister Pressures Prices to Cut Domestic Demand Amidst Spring Planting Peak] ⑴ Ukrainian Prime Minister Yulia Sviridenko said on Wednesday that despite market turmoil caused by the war with Iran, Ukraine's fuel imports hit a record high in March and will maintain the import pace of April, while urging traders to lower prices. ⑵ Due to the Russian attack that destroyed domestic refining capacity, Ukraine is now almost entirely reliant on imports to meet its diesel and gasoline needs. ⑶ Diesel prices nearly doubled after the outbreak of the Gulf conflict, causing concern among farmers as they begin the crucial spring planting season. ⑷ Sviridenko stated that quotes on major exchanges are declining, which should have a direct impact on fuel prices in Ukraine. The state-owned company Ukrnafta has already begun lowering prices, and further reductions are expected if global trends continue. ⑸ She pointed out that the Ukrainian market should respond fairly to changes in the pricing environment. Ukrainian diesel demand traditionally peaks during the spring planting season, the late summer harvest, and the early autumn planting of winter wheat. (6) From a psychological perspective, importers' record-breaking purchases despite high prices reflect their priority on ensuring sufficient supply for spring planting rather than waiting for prices to fall. However, the Prime Minister's public pressure suggests that domestic political tolerance for high oil prices is decreasing. (7) Future focus will be on whether the downward trend in global diesel prices can continue to be transmitted to the Ukrainian end-market, and whether the pace of imports will be adjusted according to changes in price expectations.
