Gas prices in Ukraine soared by 60% in a month – to the highest level since November 2022
On Wednesday, June 18, natural gas prices on the Ukrainian market rose sharply to UAH 31,500 per 1,000 cubic meters including VAT and reached their highest level since November 2022. ExPro writes about this.
Gas was traded in the range from UAH 31,200 to UAH 31,900 per 1,000 cubic meters including VAT, and at the end of the day – for UAH 32,000 and more.
Without VAT, the cost of gas was $626–640 per 1,000 cubic meters or 51–52 euros per megawatt-hour.
It is noted that these are prices exclusively on the Ukrainian market, which do not apply to supplies to the population, heat and electricity producers.
These consumers receive gas at fixed tariffs from Naftogaz group companies in accordance with government regulations.
Gas prices in Ukraine began to rise in May 2025. Since then, prices have increased by 60%, and since the beginning of June, by 26%.
One of the reasons for the price increase was the increase in prices at European hubs, which on Wednesday exceeded 40 euros per megawatt-hour for the first time since the beginning of April 2025.
Gas prices in Europe are rising amid geopolitical risks, primarily the war between Israel and Iran, which could affect global LNG supplies and demand.
Another factor influencing domestic natural gas prices is consistently high demand. Notable buyers on the Ukrainian market include state-owned companies such as the GTS Operator of Ukraine and Naftogaz Trading.
In addition, the volume of gas supply on the Ukrainian market has been reduced after the Cabinet of Ministers obliged Ukrnafta to sell gas to Naftogaz at a fixed price of UAH 12,000 per 1,000 cubic meters.
Given the shortage of natural gas on the Ukrainian market, the difference between prices in Ukraine and Europe continues to grow.
Thus, on Wednesday, gas in Ukraine was traded approximately 12 euros per megawatt-hour more expensive than on the Dutch TTF.
- President Volodymyr Zelenskyy has warned that Ukraine could face a gas shortage due to massive Russian attacks on energy infrastructure.
- Gas reserves in Ukrainian underground storage facilities (UGS) remain the lowest in 11 years, but the gap from last year is gradually closing.
