Gasoline and diesel register new historical records

The average price of gasoline and diesel in Spain has registered a new historical record and is consolidated above two euros per liter; In addition, in both cases the entire subsidy of 20 cents per liter that came into force on April 1 has already been ‘eaten’.

Specifically, the average price of a liter of gasoline this week stood at 2,141 euros, after registering a rise of 1.13% compared to 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 that came into force since last April 1 of at least 20 cents per liter, since there are higher discounts, depending on the oil company and the promotions for loyal customers.

Counting on this subsidy, the price of a liter of gasoline would thus be almost 12 cents more expensive than in the last week of March (1,818 euros), before the discount began to be applied, with which the increase in prices registered by this fuel since then it has fully absorbed the aid.

In the case of diesel, the average price per liter has registered an increase of 3.64% in the last week, to exceed the bar of two euros (2,076 euros) for the second consecutive week.

Thus, when applying the reduction of 20 cents per liter, its amount would be about three cents higher than the price it marked at the end of March (1,837 euros per liter).

Compared to the same week a year ago, the average price of a liter of gasoline has become 55.82% more expensive, while in the case of diesel it is 67.68% more expensive, although without taking into account the bonus currently in force.

BETWEEN 33% AND 38% MORE EXPENSIVE SINCE THE INVASION OF UKRAINE

Meanwhile, since the invasion of Ukraine by Russia at the end of last February, the prices of both fuels have skyrocketed by more than 30%. In the case of gasoline, the percentage increase rises to 33% and that of 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. Thus, the barrel of Brent, a reference in Europe, was trading this Thursday above 110 dollars, while the American Texas was exchanged at just over 104 dollars.

The price of fuel depends on multiple factors, such as its 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 in the price of crude oil is not transferred directly to gasoline prices, but rather with a time lag.

ABOVE EU LEVELS

With these levels, the price of unleaded gasoline of 95% remains in Spain above the average of the European Union, located at 2,036 euros per liter, as well as of the euro zone, with an average price of 2,095 euros.

In the case of diesel, the price in Spain is also higher than the EU average, which is 2,031 euros, although it is below that of the euro zone, with a price of 2.08 euros.

The lower level of final prices with respect to neighboring countries is due to the fact that Spain, despite VAT, higher taxes and levies on biodiesel, continues to have lower fiscal pressure, in general, than the community average.