Ukraine’s state budget to receive UAH 2.8B per month from increased excise duties on fuel – expert’s opinion

Having the excise duties on fuel raised from September 2024 will generate an additional UAH 2.8 billion per month for Ukraine’s state budget as soon as this year.

The relevant statement was made by A95 Consulting Group Director Serhii Kuiun in a commentary to Ukrinform.

“Already from September, the state budget will be receiving UAH 2.8 billion per month,” Kuiun told.

Initially, the excise duties were supposed to be raised from July. Thus, the state budget had lost UAH 5.5 billion in revenues over two months, according to Kuiun.

A reminder that Ukrainian President Volodymyr Zelensky signed a bill on making amendments to the Tax Code of Ukraine regarding the implementation of the provisions of the EU law on the excise tax.

The document provides for a gradual rise in the excise duties on different fuels before January 1, 2028. The transition period will start from September 1, 2024.

Eventually, prices will increase to EUR 359 per 1,000 liters for gasoline, EUR 330 per 1,000 liters for diesel fuel, and EUR 250 per 1,000 liters for liquefied gas.