Sunday, September 24, 2023

Fuels accumulate ten-week rises and gasoline repeats its highest level in more than a year

The average fuel price has recorded a tenth consecutive week of increase, increasing by up to 8.57% since the start of summer Gasoline has recorded its highest price since September 2022 and diesel since the end of February.

Specifically, gasoline has become 0.23% more expensive this week compared to seven days ago, reaching 1.735 euros per liter, its highest so far in 2023 and the highest since the end of November, despite at that time the subsidy of 20 cents per liter Liters introduced by the government due to the crisis due to the war in Ukraine were in force.

Therefore, we would have to go back to September last year to find a higher level for the price per liter of this fuel, without taking into account the executive bonus valid until the end of 2022.

This price level for gasoline reached an all-time high in September, after a cumulative increase of more than 9% since the beginning of July.

The average price of diesel also rose for ten consecutive weeks, with an increase of 0.74% last week, reaching 1,634 euros per liter, a level not seen since the beginning of February, according to data from the European Union Oil Bulletin, compiled by Europa Press.

In this case, taking into account the 20 cent bonus, the price of diesel is even lower than last year in mid-September, since despite the fact that it was 1,882 euros per liter, with the discount its price increased to 1,682 euros.

Since the beginning of July, when this new upward spiral in fuel prices began, the price of a liter of gasoline has increased by 8.57%, while a liter of diesel has become 13.39% more expensive.

With these new increases, the price of both fuels consolidates well above the level at which it was before the outbreak of the war in Ukraine due to the Russian invasion that began on February 24, 2022, and in the case of diesel, it was already at 1,479 euros each liters, for petrol 1,594 euros per liter.

However, despite this upward trend in the last two months, both fuels have not reached the highs they reached more than a year ago, when petrol reached 2.141 euros and diesel 2.1 euros in July.

Refueling is 8 euros more expensive than in 2022

At current prices, an average 55 liter tank of fuel is currently around €95.43, compared to the €87.45 – around €8 less – that it cost this time last year, including the 20 cents per discount liters came into force a year ago.

For diesel, filling an average 55 liter tank currently costs around 89.87 euros, around 2.64 euros less than the 92.51 euros in the same period in 2022.

Last year, due to the increase in fuel prices due to the energy crisis caused by the war conflict, the minimum bonus of 20 cents per liter of fuel applied to all citizens, approved by the government as part of its crisis response plan. Effects of the war in Ukraine.

This means that the price of diesel has been lower than the price of petrol for 30 weeks in a row. It thus remains in the usual situation before the Russian invasion of Ukraine, which resulted in the price of diesel being continuously more expensive than the price of gasoline from August 2022 until mid-February this year, when this dynamic was broken.

In this context, this Thursday the barrel of Brent, a reference in Europe, traded at $92.72, while the American barrel of Texas traded at around $89.38.

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

Below the European average

With this level, the price of unleaded 95 gasoline in Spain remains below the European Union average, which is 1,831 euros per liter, and the Eurozone, with an average price of 1,906 euros. The price of diesel in Spain is also below the EU average, which is 1,753 euros, and the Eurozone, where the price is 1,805 euros.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news