Fuels have accumulated an increase of up to 12.8% since July and gasoline reaches its highest levels in more than a year

MADRID, 7 Sep. (EUROPA PRESS) -

The average price of fuels has chained its ninth consecutive week of rises, accumulating a rise of up to 12.8% since the start of summer, while gasoline adds its highest price since the end of July 2022 and diesel since mid-February.

Specifically, gasoline has become more expensive this week by 0.58% compared to seven days ago, to stand at 1.731 euros per liter, its maximum value so far in 2023 and the highest since the end of November, although then the subsidy of 20 cents per liter implemented by the Government due to the crisis caused by the war in Ukraine was in force.

Thus, we would have to go back to the end of July of last year to find a higher level for the price per liter of this fuel taking into account the Executive bonus that was in force until the end of 2022.

This price level for gasoline, after accumulating a rise of almost 9% since the beginning of July, has brought it to an all-time high to begin September.

For its part, the average price of diesel also has nine consecutive weeks of increases, with an increase of 0.62% in the last week, to reach 1.622 euros per liter, a level that has not been seen since mid-February, according to data from the Oil Bulletin of the European Union collected by Europa Press.

In this case, the price of diesel is even lower than what it reached last year at the beginning of September, taking into account the bonus of 20 cents, since, despite the fact that it marked 1,921 euros per liter, with the discount its price stood at 1,721 euros.

Since the beginning of July, when this new upward spiral in fuel prices began, a liter of gasoline has accumulated an increase in price of 8.7%, while that of diesel has increased the price of 12.8%.

With these new upturns, the price of both fuels is consolidated widely above the levels at which it was before the outbreak of the war in Ukraine due to the Russian invasion, which began on February 24, 2022 and which, in the event for diesel, it was 1,479 euros per liter, and, for gasoline, 1,594 euros per liter.

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

With current prices, filling an average tank of 55 liters of gasoline currently amounts to about 95.21 euros, compared to 86.9 euros - about 8.3 euros more - that it cost at this point last year, including the discount of 20 cents per liter that was in force a year ago.

In the case of diesel, filling an average 55-liter tank currently costs about 89.21 euros, about 5.44 euros less than the 94.65 euros it cost in the same period of 2022.

Last year, due to the escalation in the price of fuels due to the energy crisis caused by the war, the 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 this, diesel has been below the price of gasoline for 29 consecutive weeks. It thus remains in the usual situation before the Russian invasion of Ukraine, which caused the price of diesel to be more expensive than gasoline continuously from August 2022 until mid-February of this year, when it broke that dynamic.

In this context, this Thursday the barrel of Brent, a reference in Europe, was trading at $90.33, while the American Texas barrel was trading at around $87.17.

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

With these levels, the price of 95 unleaded gasoline in Spain remains below the average for the European Union, located at 1.835 euros per liter, and for the euro area, with an average price of 1.898 euros.

In the case of diesel, the price in Spain is also lower than the EU average, which is 1,739 euros, and the euro zone, where it marks a price of 1,779 euros.