The price of gasoline and diesel rises more than 2% and both register new historical records

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Evolution of the price of gasoline and diesel in Spain – EPDATA

MADRID, May 12. (EUROPE PRESS) –

The average price of fuel in Spain has risen more than 2% this week and has climbed to new all-time highs, although it remains contained by applying the mandatory discount of 20 cents per liter approved by the Government that is made at gas stations when to pay.

Specifically, the average price of a liter of diesel and gasoline has risen for the third consecutive week, after Easter, to consolidate its upward trend.

According to data from the European Union (EU) Oil Bulletin collected by Europa Press, the 1,911 euros per liter of diesel represents a new historical maximum, exceeding the 1,872 euros of a week ago, by increasing by 2.08%.


For gasoline, the average price per liter has also rebounded for the third consecutive week, with a rise of 2.08%, to stand at 1.878 euros and thus reach a new record.

However, these average prices do not include the bonus of at least 20 cents per liter approved by the Spanish Government and which has been applied since April 1.

With the application of the bonus, the average price would be 1,678 euros per liter in the case of gasoline, and 1,711 euros for diesel, although these data would not be entirely correct, since there are higher discounts , depending on the oil company.


What is consolidated for another week is the ‘sorpasso’ from diesel to gasoline, with a difference of more than three cents, something that had not occurred since 2011.

Compared to a year ago, the average price of a liter of gasoline has increased by 39.73%, while in the case of diesel it is 59.38% more expensive, although without taking into account the discount currently in force.

OIL RISE

These prices are recorded in an environment of rising crude oil due to fears of a shortage of supply after the European Commission’s proposal to ban Russian oil imports this year. Thus, the barrel of Brent, a reference in Europe, was trading this Thursday for around 105 dollars, while the American Texas was exchanged at more than 103 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.

Despite these levels, the price of unleaded gasoline of 95 is in Spain below the average of the European Union, located at 1,903 euros per liter, and of the euro zone, with an average price of 1,978 euros. Something similar happens in the case of diesel, since the price in the EU is 1,905 euros (in Spain in this case it is higher, with 1,911 euros, but without taking into account the bonus) and 1,953 euros in the euro zone.

The lower level of final prices with respect to surrounding 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.


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