Gasoline runs amok and sets a new record while diesel remains more expensive than in the EU

MADRID, 26 May. (EUROPA PRESS) -

The average price of gasoline in Spain has reached a new all-time high this week, reaching 1.94 euros per liter, reaching figures never seen before for the second consecutive week, while diesel, despite falling 1 0.06%, up to 1,867 euros per litre, is still more expensive than the European Union average (1,856 euros per litre).

However, the prices paid by consumers at the pump do not reach this record due to the mandatory discount of 20 cents approved by the Government, whose application has been in force since April 1. Despite this, the unstoppable rise in fuel prices in recent weeks has 'eaten' much of that aid.

Specifically, the average price of a liter of gasoline has chained its fifth consecutive rise after Easter and has reached an all-time high of 1.94 euros, after a rise of 2.27%, according to data from the Bulletin Oil tanker of the European Union (EU) collected by Europa Press.

In the case of diesel, it has registered a decline of 1.06% in its average price this week compared to the previous one, to stand at 1.867 euros per liter and record the second consecutive fall.

These average prices do not include the discount of at least 20 cents per liter approved by the Spanish Government and with this discount the average price would be 1.74 euros per liter in the case of gasoline, and 1.667 euros for diesel, although these data would not be entirely correct, since there are higher discounts, depending on the oil company.

Compared to a year ago, the average price of a liter of gasoline has increased by 43.7%, while in the case of diesel it is 54.3% more expensive, although without taking into account the discount currently in force.

These prices are recorded in an environment of constant rises in crude oil in the current context, marked by the invasion of Ukraine by Russia. Thus, the barrel of Brent, a reference in Europe, was trading around 11:00 this Thursday at around 114.5 dollars, while the American Texas was exchanged at almost 111 dollars.

The price of fuel depends on multiple factors, such as its specific price (independent of oil), the evolution of crude oil, taxes, the cost of raw materials and logistics, and gross margins.

In this way, the evolution in the price of crude oil is not transferred directly to gasoline prices, but rather with a time lag.

With these levels, the price of unleaded gasoline of 95 is in Spain below the average of the European Union, located at 1,981 euros per liter, and of the euro zone, with an average price of 2,049 euros.

However, in the case of diesel, the price in Spain is higher than the EU average, which is 1,856 euros, although it is below that of the euro zone, with a price of 1,896 euros.

The lower level of final prices with respect to surrounding countries is due to the fact that Spain, despite VAT, higher taxes and levies on biodiesel, continues to have lower fiscal pressure, in general, than the community average.