KIEV, July 13 – Ukraine’s natural gas prices for households will increase by 50% starting August 1, the government announced on Tuesday as it raced to meet demands from the International Monetary Fund for a $14.9 billion loan.

The hike is the biggest step that the government has taken so far in order to qualify for the loan, which may be unlocked at the end of July.

The gas price hike was approved by the National Commission for Power Regulation, the government’s energy price-setting arm.