Petrol and diesel set new historical records and hold above two euros
In just 12 weeks, the rise in fuel prices has exceeded the amount of the bonus approved by the government since April 1, intended to absorb the rise in prices. When this Saturday the extraordinary Council of Ministers approves the extension of this aid – the conditions are still unknown – you will have seen how both petrol and diesel have risen so much in these three months that they have caused the practical disappearance of that measure.
This is confirmed by data from the EU Oil Bulletin, which shows that the average price of petrol and diesel in Spain has registered a new all-time high and has been consolidated above two euros per litre.
In concrete terms, the average price of a liter of petrol this week stood at 2,141 euros, after an increase of 1.13% compared to seven days ago. 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.
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%.
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.
Despite the fact that the weight of VAT and hydrocarbon tax in Spain is lower than in other EU countries, the increase in fuels in this last quarter has placed the country in seventh place where both products are more expensive. In March it was in position 13 in the European ranking. In other words, significant progress has been made, motivated fundamentally by the higher margins companies are adopting, both in the refining process and in the marketing process, according to industry sources.
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.
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.
