The National Bank of Ukraine foresees an increase in utility tariffs in the coming years, particularly starting in 2026.

This is highlighted in the inflation report for April.

It is expected that current prices for gas, heating, and hot water will not change this year.

"However, the challenging situation in the energy sector and fiscal consolidation are likely to lead to a gradual adjustment of these tariffs in subsequent years. Specifically, a gradual approach to aligning them with economically justified levels is anticipated to begin in 2026," the report states.

It is noted that delaying tariff increases will result in lower inflation but will worsen the financial state of state-owned energy companies.

"At the same time, the risks of instability in the energy market will increase, the investment potential of the sector will deteriorate, and the pricing pressure will only be deferred to the future," the NBU added.

Conversely, a sufficiently rapid and significant increase in energy prices to eliminate imbalances in the energy sector will intensify inflationary pressure and necessitate higher subsidies for the population, according to bankers.

As a reminder:

"Naftogaz of Ukraine" has extended the "Fixed Tariff" for gas supply to the population until April 2026.

Starting from May 31, a price of 4.32 UAH/kWh for electricity has been set for all residents of Ukraine, regardless of consumption volume.