The Cabinet of Ministers of Ukraine approved an action plan aimed at overcoming the crisis situation on the market of oil and oil products. The corresponding decision was made on Friday in accordance with the law “On minimum reserves of oil and oil products”. About this reported representative of the government in the Verkhovna Rada, Taras Melnychuk.
The document defines key response mechanisms in the event of a threat to market stability. In particular, it is about the procedure for using monitoring results, calculating indicators and indicators for identifying crisis manifestations, determining the levels of a crisis situation with corresponding tasks for market participants, as well as decision-making procedures regarding the introduction or termination of the crisis situation regime.
The draft of this decision was published by the Ministry of Energy of Ukraine in December 2024 under the title “On the approval of the action plan to overcome the crisis situation on the market of oil and oil products of Ukraine”.
“Implementation of the order will allow to create a mechanism for the development and implementation of effective measures to ensure the stability of the oil and petroleum products market and the stability of the supply of petroleum products in Ukraine, in particular by using the minimum reserves of oil and petroleum products in a crisis situation”, says the explanatory note to the draft document.
The approval of this plan will allow Ukraine to fulfill the requirements of EU Council Directive 2009/119/EC of September 14, 2009. This document obliges EU member states to maintain a minimum level of reserves of crude oil and oil products. According to the provisions of the law dated November 21, 2023 No. 3484-IX “On minimum reserves of oil and petroleum products (MZNN)”, the obligation to form such reserves for market entities arises six months after the termination or cancellation of martial law.
The process of creation of the Ministry of Internal Affairs and Communications will take place in stages over the course of eight years. The share of reserves that must be provided by market entities is calculated based on the volume of oil and oil products put into circulation in the base year. At the same time, the minimum requirement is at least 250 tons, and from the eighth year onwards, the share will be 24%.
