It’s been more than half a year since fuel prices began a historic hike that hit drivers’ pockets with a bang, fueled by the war in Ukraine and its effects. Without going any further today, in the middle of the holiday season and Despite the government deducting 20 cents for every liter of refueling – a measure that came into effect on April 1 –, the fact is that pouring 50 liters of gasoline into the tank went from around 70 euros last year to over 88 euros (already with Executive discount), while diesel, this 50 liters is a discount of 62.75 euros a year. from 87.15 Euros.
However, despite these increases, a fact emerges for a month: A decrease in the prices of these fuels in Spain. Taking the evolution of both in the last month of autonomy (June 21 – July 21) as reference, it is not in vain that the cost of each liter of gasoline has dropped 7.59% from 2,135 euros. it had occurred four days earlier, on 17 June, at 2,145 euros per liter – up to the current 1,973. In parallel, the same period saw how the price of diesel oil was reduced by 7.44%, from 2,099 euros per liter added to the tank on 21 June – two days later the limit was reached, ie 2,103 euros per person. liters – to 1,943 recorded last Thursday.
Defining the international context
However, in this scenario,how are prices going downor at a time when the demand for gasoline and diesel is increasing due to the greater availability of vacation-seeking Spaniards on the roads? The answer lies in the current situation in the international arena.
Because at a time of clear uncertainty, it is the global oil price indicators that are also suffering from downturns. Without going any further, Brent barrel saw how its current price is around 100 Euros –closed at 103.91 euros on Friday – less than two months ago 120 euros. Behind this are forecasts such as the International Energy Agency (IEA), which predicts lower oil demand due to the economic slowdown.
In this context of low growth, the war in Ukraine, the outcome of which is not yet on the horizon, is not in vain. other factors that have occurred in recent weeksas the evolution of economic data Chinese – A 2.6% contraction in the second quarter due to covid lockdowns and real estate problems, thus raising fears of a blow to global growth.
Same way, The European Central Bank’s half-point increase in interest rates, or 0.75%, last week They point to a larger drop in demand if the U.S. Federal Reserve tackles galloping inflation, which could lead to further declines in oil and with it fuel prices in the future.