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Tuesday, May 24, 2022
HomeLatest NewsFuel prices rise as diesel boosts gasoline surprise

Fuel prices rise as diesel boosts gasoline surprise

The average fuel price in Spain has increased over the past week and is a maximum of a little over a month, despite the fact that the discount is still valid obligatory 20 cents per liter, approved by the Government, which are applied at service stations when paying at the cash desk. Without it, diesel, which consolidates its additional cost compared to gasoline, reaches new historical record and gasoline rises to the second highest price.

In particular, the average price of a liter of diesel fuel and gasoline has increased. second week in a row, after Easter, to consolidate its uptrend. According to data from the European Union (EU) Oil Bulletin, 1,872 euros per liter of diesel represents an unprecedented level, exceeding 1,847 euros a week ago. For petrol, the average price per liter also recovered for the second week in a row with a rise of 1.1% to 1,837 euros, a level that was exceeded by only 1,845 euros in mid-March.

However, these average prices do not include a bonus of at least 20 cents per litre, approved by the Spanish government and applicable from 1 April. When the bonus is applied, the average price will be 1637 euros per liter for petrol and 1672 euros for diesel, although these figures are approximate as there are higher discounts, depending on the oil company.

What reinforces another week is the surprise of diesel fuel for gasoline, with a difference of more than three cents, which has not happened since 2011. Compared to last year, the average price of a liter of gasoline has become more expensive by 38.6%, and in the case of diesel – by 57.5%, however, without taking into account the current discount.

These prices are fixed on the back of rising crude oil due to fears of a shortage of supply after the proposal of the European Commission to ban the import of Russian oil this year. Thus, a barrel of Brent brand, which is a benchmark in Europe, was trading above $110 this Thursday, and American Texas – above $108.

The price of a fuel depends on a variety of factors such as its specific price (independent of oil), evolution of crude oil, taxes, raw material and logistics costs, and gross margin. Thus, the evolution of crude oil prices is not directly transferred to pricesbut does so with a time offset.

Despite these levels, the price of unleaded petrol in Spain is 95. below the European Union average, located at 1870 euros per liter, and from the euro area, with an average price of 1882 euros. Something similar happens in the case of diesel, as the price in the EU is 1939 euros, and in the eurozone it is 1921 euros. The lower final price level compared to neighboring countries is due to the fact that Spain, despite VAT, higher taxes and fees on biodiesel, as a whole still experiences lower tax pressure than the community average.


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