Gas prices in Ukraine reach the highest level in over two years – 23,000 UAH/tcm (incl. VAT)

Natural gas prices in the Ukrainian market reached 23,000 UAH/tcm (including VAT) on May 26, 2025, according to ExPro Natural Gas Quotations. As a result, gas prices in Ukraine have risen to their highest level since February 2023. This was reported in ExPro’s article “Gas Prices in Ukraine Rise: Highest in Two Years.”

According to ExPro, gas traded in Ukraine on Monday, May 26, at prices ranging from 22,800 to 23,200 UAH/tcm (including VAT), depending on the resource. In recalculated terms, this equals 19,000–19,333 UAH/tcm (excluding VAT), or $458–466/tcm, or €38.15–38.83/MWh.

Natural gas prices in Ukraine

Reasons for the price increase

The price increase in the domestic market is driven by market mechanisms, primarily the supply-demand balance. In May, demand has significantly exceeded supply, pushing prices upward.

Since early April, the Cabinet of Ministers has required Ukrnafta to sell its domestically produced gas to Naftogaz under Public Service Obligation (PSO) terms. In addition, Ukrnaftoburinnya, operated by Ukrnafta, also halted gas sales on the free market, substantially reducing available supply.

On the demand side, end consumers are purchasing more gas, building up reserves for the coming months. There is also sustained demand from state-owned companies, particularly Naftogaz Trading and the Gas Transmission System Operator of Ukraine (GTSOU). Increased demand amid shrinking supply continues to drive gas prices higher in Ukraine.

Gas prices in Ukraine vs Europe

Natural gas prices in the Ukrainian market have exceeded those in Europe, with the spread reaching €2/MWh in recent days — the highest level since February 2024. However, the current spread remains insufficient to fully restore commercial gas imports to Ukraine, as it does not cover the full importer margin.

If the spread between Ukrainian and European gas prices continues to widen, there is a strong likelihood that private companies will resume importing gas to Ukraine.

Where to find natural gas market analytics?

Detailed analytics of the natural gas market in Ukraine, including production, imports, exports, UGS reserves, trading results, natural gas prices, key news, etc., are published in specialized publications ExPro Daily Gas, ExPro Gas&Oil Weekly, and ExPro Gas&Oil Monthly.

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