this average fuel price continued to drop this week in Spain and the 20 cents per liter bonus applied at the end of March to cope with the escalation due to the Russian invasion of Ukraine is below the levels indicated when it was adopted.
average price liter gasoline fell for the fifth week in a row, notably 0.24%It will return to 1,676 euros, its lowest level since April, according to European Union Oil Bulletin data collected by Europa Press.
Diesel, on the other hand, decreased by 0.77%. It fell for the fourth week in a row, falling to 1,808 euros, its lowest level since mid-August.
Like this, both fuels are far from the maximums they touched this summerWhen gasoline reaches 2,141 euros and diesel 2.1 euros in July. Likewise, €1,818 per liter in the case of gasoline and €1,837 in diesel, below the levels before the aid came into effect.
Again, The average price of a liter of diesel in Spain remained above the price of gasoline for the eighth consecutive weekWith a margin of just over 13 cents.
This average amount of both fuels includes taxes, but does not reflect the discount of at least 20 cents per liter effective since last April 1, as there are higher discounts depending on promotions to the oil company and customers.
Relying on this subsidy, The price of a liter of gasoline is 1,476 euros.diesel will be at 1,608 euros, clearly lower than those stated at the end of March before the aid comes into effect in both cases.
Despite the drop in prices in recent weeks, fuel prices continue to be high at this point of the year, especially compared to recent years.
15.7% and 38.1% more expensive than a year ago
Thus, compared to the same week a year ago, the average price of a liter of gasoline is 15.74% more expensiveIn the case of diesel, it became 38.12% more expensive, although the current discount is not taken into account.
Adding the subsidy, the price of one liter of gasoline is 1.93% more expensive than a year agoIn the case of diesel, the price is 22.84% higher.
These figures are recorded amid high crude oil prices in the current context marked by the war in Ukraine. However, the Brent barrel, a benchmark in Europe this Thursday, rose as high as $93.38 after Wednesday’s OPEC+ meeting, while American Texas was trading around $87.
OPEC+ has decided to make a downward adjustment of two million barrels per day from next November, based on supply levels reached last August.
The price of fuels depends on many factors, such as the specific price (independent of that of oil), the evolution of crude oil, taxes, cost of raw materials and logistics, and gross margins. Moreover, evolution in crude oil price is not directly transferred to fuel pricesbut it does so with a time difference.
EU levels
At these levels, the 95% unleaded gasoline price in Spain remains below the European Union average of 1,745 euros per liter and the eurozone average with an average price of 1,804 euros.
When it comes to diesel, the price in Spain is lower than the EU average of 1,813 euros, as well as the Eurozone average of 1,847 euros.