Diesel is still more expensive than the European Union average at 1,856 euros per liter
The average price of petrol in Spain has reached a new record this week, at 1.94 euros per liter and for the second consecutive week unprecedented figures, while diesel, despite a decrease of 1 0.06%, to 1867 euros per liter , is still more expensive than the European Union average (1,856 euros per litre).
However, the prices consumers pay at the pump fall short of this record due to the mandatory 20 cent discount approved by the government, the application of which has been in effect since April 1. Despite this, the unstoppable rise in fuel prices in recent weeks has ‘eaten’ much of that aid.
Specifically, after Easter, the average price of a liter of petrol rose for the fifth time in a row, reaching a record high of 1.94 euros, after an increase of 2.27%, according to data from the European Union Oil Tanker Bulletin ( EU) collected by Europa Press.
In the case of diesel, it registered a 1.06% drop in its average price this week compared to the previous one, to reach 1,867 euros per liter and record the second consecutive drop.
These average prices do not include the discount of at least 20 cents per liter approved by the Spanish Government and with this discount the average price would be 1.74 euros per liter for petrol and 1.667 euros for diesel, although these data are not entirely correct, as there are higher discounts depending on the oil company.
Compared to a year ago, the average price of a liter of petrol has increased by 43.7%, while for diesel it is 54.3% more expensive, without taking into account the discount currently in force.
These prices are recorded in an environment of constant increases in crude oil in the current context, marked by the invasion of Ukraine by Russia. For example, the barrel of Brent, a reference in Europe, traded around 11 a.m. on Thursday at about $114.5, while the US Texas was exchanged for nearly $111.
The price of fuel depends on several factors, such as the specific price (independent of oil), the evolution of crude oil, taxes, the cost of raw materials and logistics and gross margins.
In this way, the evolution of the price of crude oil is not passed on directly, but with a delay, in the petrol prices.
With these levels, the price of 95 unleaded petrol in Spain is below the average of the European Union, at 1,981 euros per liter, and of the Eurozone, with an average price of 2,049 euros.
However, in the case of diesel, the price in Spain is higher than the EU average, which is 1,856 euros, although it is below that of the Eurozone, with a price of 1,896 euros.
The lower level of final prices compared to neighboring countries is due to the fact that, despite VAT, higher taxes and levies on biodiesel, Spain generally has a lower tax burden than the Community average.
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.
