The average price of fuel has risen this week after a previous brief truce and, in the wake of the Russian invasion of Ukraine, the average price of diesel, the product of which Russia is one of the main exporters. For the first time surpassed gasoline and set a new historical record.
In particular, the average price of gasoline in Spain increased to 1,818 euros, which increased by 0.28% compared to the previous week, while in the case of diesel increased by 1,837 euros and 2.26%. Based on data from the EU Oil Bulletin collected by Europa Press.
Thus, in the current year diesel collects by 36.29%, and gasoline by 22.97%.
The price of fuel made a truce in late 2021 when it plummeted to five weeks and last week, since the beginning of this year, was the first time it has stopped climbing, however, it has resumed it.
In the footsteps of crude oil prices
The rise in fuel prices comes as part of a price increase on the Brent barrel, which has risen to $ 131 since the start of the war in Ukraine and has moved from $ 118 to $ 106 this week. In that sense, it’s about $ 109 this Thursday.
The price of fuel depends on many factors such as its specific price (independent of oil), the evolution of crude oil, taxes, the cost of raw materials and logistics, and the total margin.
Thus, the evolution of crude oil prices does not move directly to gasoline prices, but over time. This is a phenomenon known as the “pen effect” (prices are slowly falling) and the “rocket effect” (prices are rising rapidly).
For its part, the price of a barrel of West Texas Intermediate (WTI) oil, which is a reference to the United States, continues to rise in high prices and today trades at about $ 102, compared to 62.66 a year ago.
As for the price of diesel, which exceeds the price of gasoline, one of the main factors is related to the war in Ukraine. The supply of diesel to Europe largely depends on what depends on Russia and flows from there continue, but not at the same pace as before, which is why experts in the field are predicting an increase in the price of this fuel.
Thus, filling an average 55-liter petrol tank now costs about 100.1 euros, which is about 27.5 euros more than a year ago, while filling up with diesel fuel costs about 101.2 euros, about 36.3 euros more than In the same week. 2021 year.
Due to this new increase in fuel prices, filling the tank this week is 37.88% more expensive than a year ago in the case of gasoline and 55.93% more in the case of diesel.
Despite this level, the price of unspecified gasoline in 95 Spain is lower than the EU average, which is around 1924 euros per liter, and in the Eurozone, the average price is 2 euros. The same thing happens with diesel, as the price is 1,961 euros in the EU and 2.01 euros in the eurozone.
The low level of final prices in relation to neighboring countries is due to the fact that Spain, despite VAT increases, higher taxes on biodiesel and taxes, continues to have lower fiscal pressures than the average society in general.
On this map you can find a gas station near your location and see its updated prices:
Source: El Diario
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