Ukraine ensures fuel security with Middle East agreements, Zelensky says
President Volodymyr Zelensky announced this during a meeting of the Congress of Local and Regional Authorities under the President of Ukraine, an Ukrinform correspondent reports.
“Stability in the Middle East will definitely lead to lower prices. Today, there is no alternative in the world to such volumes. We have agreed with some countries in the Middle East that, just in case, we will be able to secure a yearly supply volume if there is a shortage everywhere,” Zelensky said.
However, as the President noted, the discussions concerned the potential volume of oil and petroleum products rather than their price, as pricing is determined by a formula.
“Of course, no one will increase prices for us – we will have a normal price. And again, what is a normal price compared to? It is still based on a formula. You know that it is impossible to agree on energy prices for a year in advance – the formula is applied. So, I think prices will decline. God willing, the ceasefire will hold and the Strait of Hormuz will be unblocked. Today, this is the most important factor affecting prices. We will definitely not be left without fuel, we will not be left without diesel. That is the most important thing,” Zelensky said.
As previously reported by Ukrinform, President Volodymyr Zelensky stated that the decline in global oil prices following the announcement of a ceasefire in the Middle East is a positive signal for markets and increases sanctions pressure on Russia.
