Oil products market to face a deficit due to foreign currency operations

​A deficit is possible in the oil products market of the Ukraine which is caused by the difficulties in the purchase of foreign currency by fuel importers.

From Jan 1st 2016 due to the expiration of the law “On measures on stabilization of the Ukraine’s paying balance, light oil products are not classified as goods of crucial import any more”. So the regulation presupposing the use of exclusively accredited form of advance payment for the imported goods by the contracts over $500 thousand are imposed on petrol and diesel fuel importers.

The largest operators of the market say that in this connection the long-term contracts for fuel supply to the Ukraine are blocked.

We can’t buy foreign currency. The accredited form of payment, even if the additional fees are not taken into account, is not beneficial to the supplier at first. The payment is made after forming the final price. Thus the funds can reach the producer with almost a month’s delay, one of the largest petrol importers said.