Actual selling gas price in Ukraine grows 3.7%, oil price goes down 1.9% in Nov

MOSCOW. Dec 12 (Interfax) - The actual selling price of natural gas, by which the rent for gas production in Ukraine is calculated, amounted to UAH 14,945.69/thousand cubic meters in November 2024, up 3.7% from October (UAH 14,405.82/thousand cubic meters), Ukrainian media said, citing the Economy Ministry website.

According to the law amending the formula for calculating the mineral development rent for natural gas, the rent will be based on the maximum selling price of three domestic prices between August 1, 2022, and the time of full lifting of the ban on Ukrainian gas exports.

The average price based on the UA VTP Gas price (the arithmetic mean between the Bid and Ask prices in the Argus European Natural Gas and ICIS European Spot Gas Market reports) was UAH 14,844.35/thousand cubic meters.

Based on the results of purchasing Ukrainian-produced gas on organized commodity markets (OCM, stock exchanges), Naftogaz of Ukraine did not conclude gas purchase and sale agreements in October (for November), and the average weighted price of its subsidiaries on OCM in October (for November) was UAH 14,945.69/thousand cubic meters, which became the actual selling price.

As reported, the actual selling price for gas was calculated as the arithmetic mean of the customs value of imports and quotations at the Dutch gas hub TTF before the law was adopted.

Meanwhile, in Ukraine, the actual selling price of oil and condensate, used to determine the mineral development rent, amounted to UAH 19,571.45 per tonne in November 2024, which is 1.9% less than in October (UAH 19,958.14 per tonne), the media said, citing the Economy Ministry.

As reported, the actual selling price was UAH 19,210.38/tonne in January 2024, UAH 19,210.38/tonne in February, UAH 20,406.95/tonne in March, UAH 22,099.81/tonne in April, UAH 20,892.41/tonne in May, UAH 21,342.74/tonne in June, UAH 22,531.09/tonne in July, UAH 21,157.8/tonne in August, UAH 19,193.92/tonne in September, and UAH 19,958.14/tonne in October.