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

This information is detailed in the inflation report for April.

It is expected that current tariffs for gas, heating, and hot water will remain unchanged this year.

"However, the challenging state of the energy sector and the need for fiscal consolidation will likely lead to a gradual adjustment of these tariffs in subsequent years. Specifically, it is expected that from 2026, they will be gradually aligned to economically justified levels," the report states.

The delay in tariff increases is noted to result in lower inflation but will worsen the financial condition of state energy companies.

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

On the other hand, a rapid and significant increase in energy prices to correct imbalances in the energy sector would heighten inflationary pressure and necessitate an increase in 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.

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