Natural gas prices in Ukraine have increased by about 20% since the beginning of the week and reached about 27,800 hryvnias per thousand cubic meters, including VAT. This level has become the highest in the last more than half a year – since June 2025. This is reported by ExPro Consulting.
In the calculation without tax, the cost of gas is approximately $536 per thousand cubic meters or about 43.2 euros per megawatt-hour. At the same time, gas prices in Europe are growing even faster. On Tuesday, European hubs reached around 65.5 euros per megawatt-hour, the highest level since January 2023. Thus, gas is now more expensive in Europe than on the Ukrainian market.
The increase in fuel costs is primarily due to events on the global energy market, which were a consequence of the aggravation of the situation in the Middle East. Due to military operations, there were disruptions in the supply of liquefied natural gas (LNG). Qatar, which is one of the largest LNG exporters in the world, has suspended the production and export of this resource. The United Arab Emirates also stopped supplies due to Iran’s attacks on tankers in the Strait of Hormuz.
The reduction in LNG supply on the world market led to a sharp increase in prices at European gas hubs, which in turn affected the Ukrainian market.
At the beginning of March, an additional factor was the continued demand for gas within the country, in particular from traders who had not purchased the resource for March back in February. At the same time, the supply has decreased, as most private production companies have already sold their volumes for this month.
Among the few gas sellers on the market are Ukrnafta and Ukrnaftoburinnia, which sell the resource through the Ukrainian Energy Exchange. In particular, Ukrnaftoburinnia on Tuesday sold gas for delivery in March at a price of 27,840 hryvnias per thousand cubic meters including VAT.
