Tuesday, December 12, 2023

Gasoline prices are peaking this year after 11 weeks of increases

He Gasoline price continues to grow in Spain for the eleventh week in a row and reaches Cumulative increase of 16% since the beginning of summer. This recent increase has increased the price of gasoline reach highs again yearly.

Specifically the price of gasoline is up 0.92% this week, until reaching the 1,751 euros per liter Are highest price in 2023, which has not been achieved since end of November if the bonus 20 cents per liter of the government was still in force. This price would only be exceeded those marked in July last year, when the petrol consumption premium was also in force.

However, so does the price of diesel is still on the rise for eleven consecutive weeks and reached the 1,668 euros per liter this week after one 2% increase. In this case, this price level has not been touched since then February this year.

Diesel has become 16% more expensive

Since the beginning of July, when This new upward spiral began in fuel prices per liter of diesel adds a 16% increase.

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With these new increases, the price of both fuels is consolidating far above the levels on which it was located before the outbreak of the Ukrainian War due to the Russian invasion that began on February 24, 2022 and was in the case of Diesel 1,479 euros per liter and for gasoline, 1,594 euros per liter.

However, both fuels they couldn’t touch each other despite this upward trend of the last two months the peaks they reached more than a year ago than gasoline in July reached 2,141 euros and diesel 2.1 euros.

Filling up with gasoline is 13.4 euros more expensive than in 2022

At current prices, filling a medium tank of 55 liters Gasoline consumption is currently increasing approx. 96.3 euros compared to 82.9 euros –around 13.4 euros less– what it cost this time last year, including 20 cents discount per liter, which applied a year ago.

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Fill up with diesel from an average deposit 55 liters currently means approx. 91.74 euros about 2.1 euros less than that 93.83 euros what it cost in the same period of 2022.

Last year, e.g Price increase of fuels due to the energy crisis caused by the war conflict Minimum bonus of 20 cents per liter of fuel for all citizens approved by the government as part of its response plan to the impact of the war in Ukraine.

Likewise with diesel adds 31 consecutive weeks below the price of gasoline. It stays like that in the usual situation from before the Russian invasion of Ukraine, which caused the price of diesel to rise was more expensive than gasoline continuously since August 2022 and until mid-February this year when that dynamic was broken.

This upward spiral in fuel prices is mainly caused by the increase in the price of its raw materials, the oil. In this context, this Thursday the barrel of Brent, a reference in Europe, was was trading at $92.55 while American Texas is exchanged about $88.61.

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The price of fuel depends on several factors such as: Your specific offer (oil independent), the Crude oil development, taxes, costs for raw materials and logistics as well as gross margins. Next to the Development of the price Crude oil is not directly transmitted to fuel prices, but rather with it a gap in time.

Cheaper in Spain than in the surrounding area

With these levels the price of 95 unleaded gasoline remains below the European Union average in Spain, is 1,839 euros the liter, and from the Eurozone, with a Average price of 1,920 euros.

The price also applies to diesel in Spain is lower than average the EU, that is 1,787 euros and the Eurozone, where it marks a price of 1,845 euros.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com/
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