Ukraine's National Commission for Energy and Housing and Utilities Services Regulation (NCER) has increased the gas tariff for public joint-stock company Ukrgazvydobuvannia by 4.6 times or UAH 1,240.80 per 1,000 cubic meters, to UAH 1,590 per 1,000 cubic meters.

An Interfax-Ukraine correspondent has reported that the decision was made by the commission at a meeting on Tuesday.

"The commission acted in line with the memorandum with the IMF [International Monetary Fund] and fulfills the conditions for receiving the money by Ukraine," NCER acting Head Dmytro Vovk.

The decision to increase the tariff for Ukrgazvydobuvannia will take effect from the moment when the law on the increase royalties for companies takes effect.

The commission said that the production cost of gas made by Ukrgazvydobuvannia is UAH 1,492.66 per 1,000 cubic meters (value added tax not included), and the planned volume of commodity gas production is 12.8 billion cubic meters a year.