Fuels set new records and consolidate above two euros

this Average price of gasoline and diesel in Spain just registered historical record and consolidated over two euros per liter; In addition, in both cases the entire 20 cents per liter subsidy that came into effect on 1 April has already been ‘beaten’.

Notably this week, the average price of a liter of gasoline stood at 2,141 euros, after recording a 1.13% increase from seven days ago, according to data from the European Union Petroleum Bulletin collected by Europa Press.

This average amount includes taxes, but It does not reflect the reduction of at least 20 cents per liter that has come into effect since last April 1.because higher discounts and promotions for loyal customers depending on the oil company.

Relying on this subsidy, Thus, the price of one liter of gasoline will be almost 12 cents more expensive than in the last week of March. (EUR 1,818), before the discount began to apply, the increase in prices recorded for this fuel since then has completely absorbed the aid.

In the case of diesel, the average price per liter increased by 3.64% last week.to break the bar of two euros (2,076 euros) for the second week in a row.

Thus, with the 20 cents per liter discount applied, the amount would be about three cents higher than the price marked at the end of March (1,837 euros per liter).

Compared to the same week last year, the average price of one liter of gasoline became 55.82% more expensive, while for diesel it became 67.68% more expensive, even if the current bonus is not taken into account.

33% to 38% more expensive

Meanwhile, since the Russian invasion of Ukraine at the end of last February, prices for both fuels have skyrocketed by more than 30%. In the case of gasoline, the percentage increase rises to 33%, and in diesel to 38%.

These prices are recorded amid sustained increases in crude oil in the current context marked by the war in Ukraine. Thus, a benchmark Brent barrel in Europe traded above $110 this Thursday, while American Texas traded just over $104.

The price of fuel depends on many factors, such as its specific price (independent of oil), the evolution of crude oil, taxes, cost of raw materials and logistics, and gross margins.

Like this, evolution in crude oil price is not directly transferred to gasoline pricesbut it does so with a time difference.

above EU levels

With these levels, 95% unleaded gasoline price in Spain remains above the European Union averageIt is priced at 2,036 Euros per liter and, in the Eurozone, at an average price of 2,095 Euros.

When it comes to diesel, the price in Spain is also 2.08 euros, below the eurozone, but above the EU average of 2.031 euros.

Final prices are lower compared to neighboring countries because Spain continues to have overall lower financial pressure than the community average, despite VAT, higher taxes and taxes on biodiesel.

Source: Informacion

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