During 2024, the oil market in Ukraine experienced a number of changes that led to price fluctuations. Since the beginning of the year, oil prices have shown steady growth, reaching a peak in February. However, in March and the beginning of April, a gradual decrease in prices was observed, which experts attribute to seasonal factors, an increase in market supply and a change in consumer preferences.
In winter, oil prices in Ukraine began to rise. This was due to a number of factors, such as:
-Increasing sunflower prices on the world market, which caused an increase in oil production costs.
-Decreasing the exchange rate of the hryvnia against the US dollar, which also led to an increase in the price of oil.
— Increase in demand for oil from the population, which is related to seasonal factors (preparation of canned goods).
Since the beginning of spring, oil prices began to gradually decrease. Experts call the main factors of cost reduction:
-Increased supply of oil on the market, which caused a decrease in sunflower prices.
-Strengthening of the hryvnia exchange rate against the US dollar, which also led to a decrease in the price of oil.
-Decreased demand for oil from the population, which is associated with seasonal factors (the end of the harvesting season).
Experts predict that oil prices in Ukraine will continue to remain unstable. The price is expected to fluctuate slightly over the next few months, but it is unlikely to return to early 2024 levels.
The price of oil will continue to be influenced by such factors as: sunflower prices on the world market, the exchange rate of the hryvnia against the US dollar, and demand from the population.
According to the State Statistics Service of Ukraine, in January 2024 the average price of sunflower oil was UAH 75/l, in February – UAH 80/l, in March – UAH 72/l, and in April – UAH 70/l.
The most expensive oil is olive oil. The most affordable oil is sunflower oil.
