On Monday evening, the blaze affected 17 cisterns, each containing around 900 cubic meters of fuel. On Tuesday a blast was reported at the oil depot. However, by Tuesday evening only 3 cisterns remained ablaze.
Four people have died as a result of the fire, at least 12 others were injured.
The bodies of three firefighters have been discovered at the fire site, according to Ukrainian Interior Minister Arsen Avakov.
Avakov said on Tuesday that the fire was most likely caused by negligence.
Local residents are being evacuated from the 2-kilometer (1.2-mile) area around the BRSM-Nafta oil depot.
BRSM-Nafta Ltd. is a Kiev-based company that supplies gasoline and diesel in Ukraine.
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