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Ukraine will make its decision on raising gas prices by Thursday at the latest, the executive director of state firm Naftogaz, Yuriy Vitrenko, said on Tuesday.

Read alsoNaftogaz raises gas prices for industry from Oct 1

"What decision the government will take, we do not know," Vitrenko told reporters at a press conference, as reported by Reuters.

Ukraine must raise gas prices in order to qualify for more financial assistance from the International Monetary Fund under a $17.5 billion program that expires next year. The move could dent the government's prospects in elections in 2019.