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Ukraine to hike domestic gas prices by 50%

Arseny Yatseniuk
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Arseny Yatseniuk

Ukraine is raising the price of gas for domestic consumers by more than 50 per cent from May 1 and will implement further rises under a fixed timetable until 2018, an official of state energy company Naftogaz said on Wednesday.

(Read more: EU to press Obama at summit for aid in cutting Russian gas imports)

The step, which will be widely unpopular with ordinary Ukrainians who have grown used to subsidized gas prices from the Soviet era, were taken in response to demands by the International Monetary Fund.

The interim government of Arseny Yatseniuk is in the final stages of talks with the Fund to secure $15-20 billion in a new aid package.

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