REUTERS National Joint-Stock Company Naftogaz of Ukraine will cut the minimum prices of natural gas for industrial consumers from June 1, 2019, by 7.9%, from UAH 7,558 ($287) per 1,000 cubic meters in May 2019 to UAH 6,963.6 ($264). Read alsoNaftogaz needs US$1 bln to have natural gas for next heating season – Kobolyev At the same time, the maximum prices of natural gas for industrial consumers will be cut by 7.6% on June 1, 2019, from UAH 8,337 ($317) per 1,000 cubic meters to UAH 7,707.6 ($293), the company said in a statement. Naftogaz quotations are differentiated depending on the volume of purchase and payment terms, the company said. If a buyer has no debts before Naftogaz or intends to buy at least 50 million cubic meters of gas per month, the minimum price is applicable. In other cases, buyers are to pay a higher price. All prices are VAT included. As UNIAN reported earlier, given the decline in gas prices on the European market, the Ukrainian government and the Naftogaz had agreed to cut regulated gas price for households and heat producers to market level in May 2019, from UAH 8,550 (US$325) per 1,000 cubic meters to UAH 8,247 ($313). UNIAN memo. NJSC Naftogaz of Ukraine is the largest state-run vertically integrated oil and gas holding whose subsidiaries account for about 90% of oil and gas production in Ukraine. Naftogaz develops oil and gas fields, produces crude oil and natural gas. Its core business is also transportation and trade in fuel through its own network of filling stations.