The price for Russian gas imported by Ukraine will jump to $347 per 1,000 cubic metres (tcm) in the fourth quarter in 2011 from $264 in the first quarter, a top Ukrainian official was quoted on March 14 as saying.
“According to the price formula, we will have the price of $293 in the second quarter, $313 in the third quarter and $347 in the fourth quarter,” Energy Minister Yuriy Boyko told Ukraine’s Channel 5.
Ukraine bought Russian gas at about $252 per tcm in the fourth quarter of last year.
Independent analysts said earlier this month that Russian gas prices were likely to rise to an average of $300 per tcm in 2011 due to a jump in oil prices.
In line with a 10-year deal between Ukraine’s state gas and oil company Naftogaz and Russian gas giant Gazprom, gas prices are reviewed every quarter taking into account the price of crude oil and oil products.
