Fuels continue to decline, but without dragging the oil drop with it

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Petrol is already selling at 1.74 euros per liter and diesel at 1.84, the lowest prices in a month and a half, while crude oil is at its lowest level since January

Motorists today will find that refueling their vehicle is not as expensive as it was a few weeks ago, after fuel prices started to fall after two weeks of increases. Both petrol and diesel have fallen in price in recent days to record the best data in more than a month and a half. For example, the average price of a liter of petrol this Thursday in Spain was 1,743 euros, while diesel is sold for an average of 1,836 euros per liter.

Some prices following the downward trend recorded at the beginning of the week mirrors the European Union (EU) oil bulletin released this Thursday. The report shows that the average price of a liter of petrol fell by 1.12% this week to EUR 1,764, while the drop in diesel price was more pronounced, 3.24%, to EUR 1,876 per litre. These prices do not include the surcharge of 20 cents that the government will apply from April 1 and which will in principle remain in force until December 31.

How fuel prices end in December will depend on whether the Executive decides to extend this measure generally or only for certain professionals (including carriers) and vulnerable groups. If the discount ended today, filling a 55 liter tank in a car would cost an average of 11 euros more.

And this reduction in fuel prices is not surprising, as the price of oil is also falling. Still, gasolines don’t fully reflect this big drop, which this week has already pushed a barrel of Brent below $83, the lowest level since last January, before war broke out in Ukraine.

Moreover, fuel prices are still above the level of a year ago. On November 24, 2021, petrol cost 1.52 euros per litre, while diesel averaged 1.38 euros.

At current prices, including the government rebate, filling a 55 liter tank with petrol costs 86 euros and doing so with diesel costs 92.2 euros. Despite this bonus, it costs 3 euros more than a year ago in the case of petrol, and 16 euros more in the case of diesel.

Source: La Verdad

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