They hold above two euros and the raises are ‘eaten’ and the whole 20 cent bonus for both fuels
The average price of petrol and diesel in Spain has set a new historical record and has been consolidated above two euros per litre; In addition, in both cases, the entire 20 cents per liter subsidy that came into effect on April 1 has already been ‘eaten’.
Specifically, the average price of a liter of petrol this week was 2,141 euros, after an increase of 1.13% from seven days ago, according to data from the European Union Oil Bulletin collected by Europa Press.
That average amount includes taxes, but does not reflect the discount in effect since April 1 of at least 20 cents per liter, as there are higher discounts depending on the oil company and its loyalty promotions.
Taking into account this subsidy, the price of a liter of petrol would thus be almost 12 cents more expensive than in the last week of March (1,818 euros), before the discount was applied, thus increasing the price increases registered by this fuel since then. the aid has been completely absorbed.
In the case of diesel, the average price per liter has risen by 3.64% in the past week, to exceed the two euros (2,076 euros) bar for the second consecutive week.
Applying the discount of 20 cents per litre, the amount would therefore be approximately three cents higher than the price noted at the end of March (1,837 euros per litre).
Compared to the same week a year ago, the average price of a liter of petrol has become 55.82% more expensive, while in the case of diesel it is 67.68% more expensive, without taking into account the currently applicable bonus.
BETWEEN 33% AND 38% MORE EXPENSIVE SINCE THE UKRAINE INVASION
Meanwhile, prices of both fuels have risen by more than 30% since Russia’s invasion of Ukraine in late February. The percentage increase for petrol is up to 33% and that for diesel to 38%.
These prices are recorded in an environment of constant increases in crude oil in the current context, marked by the war in Ukraine. For example, the barrel of Brent, a reference in Europe, traded above USD 110 this Thursday, while the American Texas was exchanged for just over USD 104.
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.
ABOVE EU LEVELS
With these levels, the price of 95% unleaded petrol in Spain remains above the European Union average, at 2,036 euros per liter, as well as the Eurozone, with an average price of 2,095 euros.
In the case of diesel, the price in Spain is also higher than the EU average of 2,031 euros, although with a price of 2.08 euros it is below that of the euro zone.
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.