MADRID, August 11 (EUROPA PRESS) –
The average fuel price has fallen for the seventh straight week, posting a fall of more than 12% since the end of June, when it ended the uptrend it had been immersed in since the beginning of the year since the Russian invasion of Ukraine.
Specifically, the average price of a liter of gasoline this week was €1.86, after registering a 2.2% drop from seven days ago, according to European Union Oil Bulletin data collected by Europe Press. In this way, it has already accumulated seven consecutive weeks of declines.
For diesel, the average price per liter fell to €1.8543 this week after registering a 2.06% drop, chaining its sixth drop. For gasoline, this is the lowest since May 16, while diesel has fallen to its lowest since May 30.
This average amount of both fuels includes taxes, but does not reflect the discount of at least 20 cents per liter that has been in effect since April 1st last year, as there are even higher discounts for loyal customers depending on the oil company and depending on the promotion.
Taking this subsidy into account, the price of a liter of petrol would be 1.66 euros, while the price of diesel would be 1.65 euros, in both cases lower than at the end of March before the subsidy came into effect.
But despite this drop in prices in recent weeks, the price of fuel is particularly high this summer compared to previous years.
35% AND 50% MORE EXPENSIVE THAN A YEAR AGO
Compared to the same week last year, the average price for a liter of petrol has risen by 31%, while it has risen by 46% for diesel, albeit without taking into account the currently applicable bonus.
With the subsidy, the price of a liter of gasoline is 17% higher than at the beginning of August 2021, while the price of diesel is 30% higher.
16 AND 23 EUROS MORE TO FILL THE DEPOSIT THAN A YEAR AGO
At current prices, filling an average 55-liter tank with both petrol and diesel costs just over 90 euros, taking into account the subsidy of 20 cents per liter, which is around 13 euros more than at the same time last year for petrol and 21.12 euros for diesel.
These numbers come in an environment of high crude oil prices in the current context, marked by the war in Ukraine. This Thursday, however, the barrel of Brent, a reference in Europe, was trading below $100 ($98.09), while the American Texas was trading at $92.58.
The price of fuel depends on several factors such as its specific price (independent of the price of oil), evolution of crude oil, taxes, raw material and logistics costs, and gross margins.
In this way, the development of the crude oil price is not transferred directly to the petrol price, but with a time lag.
ABOVE EU LEVELS
With these levels, the price of unleaded petrol in Spain remains 95% above the average of the European Union, which is 1,799 euros per liter, as well as the euro area, with an average price of 1,848 euros.
The diesel price in Spain is also above the EU average, which is 1.83 euros, but not in the euro zone with a price of 1.864 euros.