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HomeLatest NewsThe price of fuels remains low and marks a new annual minimum

The price of fuels remains low and marks a new annual minimum

Date: February 23, 2024 Time: 22:49:14

The average price of fuels continues this week with its downward trend, which has led it to hit new lows, reaffirming it so far this year and, both in the case of diesel and gasoline, below levels before the outbreak of the war in Ukraine, at the end of February 2022.

Specifically, the average price of diesel fell by 0.14% this week compared to seven days ago, to delve into a new minimum this year and fall to its lowest level since the end of January 2022.

According to data from the Oil Bulletin of the European Union (EU) collected by Europa Press, this week the average price of a liter of diesel is located, after ten weeks of falls, at 1,409 euros, also consolidating at a lower level than what it cost in the last week of 2022, when the government subsidy of 20 cents per liter was still applied.

For its part, the average price of a liter of gasoline fell this week for the fifth time in a row and, with a decrease of 0.19%, stands at 1,576 euros, its lowest level since mid-February last year.

When the war in Ukraine broke out after the invasion by Russia on February 24, 2022, the average price of a liter of gasoline stood at 1,592 euros, while that of diesel amounted to 1,479 euros. Subsequently, the escalation in the price of fuel led the Government to test a minimum bonus of 20 cents per liter of fuel for all citizens, as part of its response plan to the impact of the war in Ukraine.

Diesel is still cheaper than gasoline

In addition, diesel is thus consolidated for the fifteenth week in a row below the price of gasoline. Thus, it remains in the usual situation before the Russian invasion of Ukraine, which turned out that the price of diesel was more expensive than that of gasoline continuously from August 2022 until mid-February of this year, when it broke that dynamic.

Compared to the first week of 2023, without the 20 cent discount applied by the Government last year, gasoline registered a decrease of 0.5%, compared to the 15.2% cheaper diesel. With these price levels, both fuels remain far from the highs they reached last summer, when in July gasoline reached 2,141 euros and diesel 2.1 euros.

Likewise, gasoline and diesel continue for another week below the amount they marked at the end of March last year, and which, since the beginning of 2023, has only been maintained for the group of professionals, which includes carriers, farmers, shipping companies and fishermen.

In this context, this Thursday the barrel of Brent, a reference in Europe, was trading slightly down to around 78 dollars, while the American Texas is trading at around 74 dollars.

The price of fuels depends on multiple factors, such as its specific price (independent of that of oil), the evolution of crude oil, taxes, the cost of raw materials and logistics, and gross margins. In addition, the evolution in the price of crude oil is not transferred directly to fuel prices, but rather with a time lag.

Cheaper in Spain than in the surroundings

With these levels, the price of 95 unleaded gasoline in Spain remains below the average for the European Union, located at 1,703 euros per liter, and for the euro area, with an average price of 1,757 euros. In the case of diesel, the price in Spain is also lower than the EU average, which is 1,535 euros, and the euro zone, where it marks a price of 1,565 euros.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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