Fuel price has been accumulating declining for almost a month, reflecting lower oil price in light of decline since mid-August
The average fuel price has fallen further this week, falling to 2.4%, and is already below the level set when the 20 cents per liter bonus was approved at the end of March to deal with the impact of the crisis due to the outbreak of war in Ukraine on its rise.
Specifically, the average price of a liter of petrol has fallen 1.63% this week for the fourth consecutive time to 1,680 euros, the lowest level since mid-April, according to data from the Union Oil Bulletin European.
In the case of diesel, it was down 2.41%, for the third week in a row, to 1,822 euros, the lowest level since the penultimate week of August.
In this way, both fuels are further removed from the level they reached this summer, when they reached 2,141 euros for petrol and 2.1 euros for diesel in July, and are below the level before the aid came into effect (1,818 euros per liter in the case of petrol and 1,837 euros for diesel).
However, the average price of a liter of diesel in Spain remains above that of petrol for the seventh week in a row, with a difference of just over 14 cents.
This average amount for both fuels includes taxes, but does not reflect the discount in effect since April 1 of a minimum of 20 cents per liter, as there are higher discounts depending on the oil company and customer promotions.
Taking into account this subsidy, the price of a liter of petrol would be 1480 euros, while that of diesel would be 1622 euros, in both cases clearly lower than the price set at the end of March, before the aid came into force.
Despite the price decline in recent weeks, fuel prices remain particularly high at this point in the year compared to past years.
In this way, the average price of a liter of petrol is 14.5% more expensive compared to the same week a year ago, while in the case of diesel it has become almost 41.2% more expensive, although without taking into account the current discount in effect.
When collecting the subsidy, the price of a liter of gasoline is 3% more expensive than a year ago, while in the case of diesel, the price is 25.7% higher.
These figures are recorded in an environment of high crude oil prices in the current context, marked by the war in Ukraine. However, on Thursday the barrel of Brent, a reference in Europe, was lower to $86.9, while the US Texas exchanged around $81.
The price of fuels depends on several factors, such as the specific price (independent of that of oil), the evolution of crude oil, taxes, the cost of raw materials and logistics and gross margins. Moreover, the evolution of the price of crude oil is not translated directly, but with a delay, to the fuel prices.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
