Gasoline price hits a new all-time high and already ‘eats’ 75% of government subsidies

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The price of a liter of petrol is barely five cents cheaper than in the last week of March, till the time the discount is implemented.

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A gas station attendant pours petrol into a car.Anna EscobariEFE
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Average petrol price in Spain The week has continued with its climb and has hit a new all-time high, turning up 1,968 euros per literAfter registering a growth of 1.44% as compared to seven days ago EU Petroleum Bulletin Collected by Europa Press.

That average amount includes taxes, but does not reflect exemptions that have been in force since at least the previous 1 April 20 cents per liter, since there is more discount depending on the oil company. This Wednesday, the government’s chairman, Pedro Sánchez, confirmed that he would extend the anti-crisis plan beyond June 30, the initial date for the exemption to expire.

Relying on this subsidy, the price of one liter of petrol, after being caught in chains Sixth consecutive increase since EasterIt will be barely five cents cheaper than the last week of March before the rebate was implemented, with the price increase recorded by this fuel already absorbing 75% of the aid.

In the case of dieselUnlike petrol, the average price per liter has become cheaper again this week, with a decrease of 0.8%, for the third consecutive week, to remain constant. 1,852 euros,

Thus, despite this high price level for diesel, this fuel has registered more favorable growth than gasoline since early March. Thus, applying the deduction of 20 cents per liter, its amount will be 18.5 cents less than at the end of March.

than a year ago, Average price of one liter of petrol is 48.4% expensiveWhereas in case of diesel it is 56.5% more expensive though without taking into account the discounts currently in force.

oil alza

These prices are recorded in the current context in an environment of sustained growth in crude oil, marked by Russia’s invasion of Ukraine. Thus, the barrel of Brent, a reference in Europe, was quoted above $113 this Thursday, while the US Texas exchange was slightly higher at $112.5.

The price of fuel depends on many factors.Such as its specific price (independent of oil), crude oil development, taxes, cost of raw materials and logistics, and gross margin.

In this way, the development in the price of crude oil is not directly transferred to gasoline prices, but is accompanied by a time interval,

below EU level

With these levels, 95K unleaded gasoline costs less than EU average in SpainLocated at 2.01 euros per litre, and from the euro zone, with an average price of 2.073 euros.

In the case of dieselAfter a few weeks of upward movement, the price in Spain is again below the EU average, which is 1,856 euros, although it is below the euro zone with a price of 1,894 euros.

The lower level of final prices in relation to surrounding countries is due to the fact that Spain, despite VAT, higher taxes and levies on biodiesel, continues to be under financial pressure compared to the community average in general.

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