Gas Prices for industrials up 8% as of May 1

The Ministry of Fuel and Energy of Ukraine raised gas prices for industrial companies by roughly 8% since May 1. According to the Ministry’s order from April 25, the gas price formula will include Naftogaz’s so-called “gas supply cost” of USD 17.3/tcm of gas. As a result, the ex-VAT price for industrials increased by 7.9% from USD 219.0/tcm to USD 236.3/tcm. As we reported earlier, starting June 1 the government also will raise the special [investment] markup, which will lead to another increase in the price for industrials by 3% to USD 243.7/tcm.