Savings are disappearing: fuels are already more expensive than before public subsidies

Spain was one of the last countries in Europe. public subsidy to lower prices fuels and thus put a small containment threshold on the rise in the cost of living. The government enforced it with a chaotic strike of ships and the onshore fishing fleet moored with a liter going for two euros. The twenty cents included in it were 15 public contributions. package of measures in response to the economic storm caused by occupation of Ukraine. A temporary subsidy as bright as fireworks: although it helped reduce inflationary pressure in April, its impact on portfolios has long since faded. Price:%s Now they are not only twenty cents more expensive than they were before the war, but they are also above the old ones. When Pedro Sánchez, Chairman of the Board, announced the discounted bond. If on March 29 a liter of diesel was paid on average in Galicia for 1.89 euros, today it comfortably exceeds 1.95 euros. The same is true for gasoline, which rose by more than six cents at community service stations during this period.

There are two clear consequences: First, public aid canceled in order to counter the effects of war; secondly, compared to the prices before the subsidy was applied, the prices of Galician drivers save just ten cents more per liter than the public treasury spends. But moreover, this rise in prices occurs when there is a cap on the price of a barrel of Brent, the benchmark for oil price in Europe. On March 29, Brent was paid $111.49 after Sánchez announced that the subsidy would apply; At the end of this edition, the cost of the barrel was less than $108. Therefore, filling the 95 petrol tanks (55-litre capacity) costs 3.5 Euros and a diesel tank 2.2 Euros more, as crude oil is cheaper in international markets.

In Spain as a whole – with the Balearic Islands and the Canary Islands – both fuels remain at 1.8 euros per liter, while in Galicia the 2 euros are back on track. This Monday, as many as fifty gas stations – none in Galicia – charged more than two euros per liter of diesel, according to official reports from the Ministry of Ecological Transition. Yes definitely, Those marking 1,999 euros were crowded: almost 130 across the country.

Ships

effect of discount coupon also went for the fishing fleetThe profitability threshold disappears when diesel exceeds sixty cents per liter. Vigo seamail set a price of 1.14 euros per liter this Monday, easily surpassing Arousa’s by 1.2 euros. The industry has already resumed meetings to consider this scenario, as confirmed to FARO by freezer and high-rise shipowners. For example, in Montevideo, which is a supply port for ships operating in the Southern Cone, diesel is paid in euros. None of the major reference ports of the Galician capital fleet (Mindelo, Walvis Bay or Durban) are quoted below this threshold. a a complicated situation especially for shipowners They must refuel in other countries where the government discount coupon is not valid.

Saudi Aramco is on its way to becoming the world’s most valuable company

This state oil company Saudi AramcoShares reached their highest price this Monday since the company went public in December 2019. As the world’s most valuable listed company, it significantly closed the gap with Apple, after the iPhone maker’s shares open the session lower. Shares of the Saudi oil company finished the day at 45.95 riyals, up 0.22% on the Tadawul market, trading at the highest intraday level for a short time since its IPO of 46.25 riyals, which put the market value at 9.19 billion riyals ($2.44 billion or $2.32 billion). Euro).

Rising oil prices boosted Aramco’s shares. so far this year they have reevaluated 31% and more than 43% compared to the 32 riyal price set for its IPO on 11 December 2019. On its side, Apple shares were trading down more than 2.5% this Monday, bringing the price unit down to $153.19, a market cap of about $2.48 billion (2.35 billion euros).

Source: Informacion

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