The price of gasoline rises for the second week (0.73%) and diesel continues its falls (-1.22%)

MADRID, 17 Nov.

The price of gasoline rises for the second week (0.73%) and diesel continues its falls (-1.22%)


The price of fuels in Spain has experienced an uneven behavior for the second consecutive week, since the cost of diesel accumulates three weeks of decline, while gasoline has become more expensive again, which has narrowed the gap between the two fuels to the 15 cents in favor of the latter.

Specifically, the average price of a liter of gasoline has risen this week by 0.73%, to 1.784 euros, its highest level since the end of August, according to data from the European Union Oil Bulletin collected by Europa Press.

In the case of diesel, the decrease of 1.22% this week, the second in a row for this fuel, pushes its price back to 1.939 euros per liter, its lowest level since the week of October 10.

Despite these price levels, both fuels remain far from the highs they reached this summer, when in July gasoline reached 2,141 euros and diesel 2.1 euros.

Likewise, gasoline remains below the figures from before the entry into force of the aid of 20 cents per liter that the Government approved at the end of March -1.818 euros per liter--, although in the case of diesel it continues to exceed that level -1,837 euros-- despite the latest declines.

In addition, the average price of a liter of diesel in Spain remains above that of gasoline for the fourteenth consecutive week, with a gap that, in any case, this week has been cut to just over 15 cents.

This average amount of both fuels includes taxes, but does not reflect the discount that came into force since April 1 of at least 20 cents per liter, since there are higher discounts, depending on the oil company and the promotions for customers loyal.

Counting on this subsidy, the price of a liter of gasoline would be 1,584 euros, while that of diesel would be 1,739 euros, in both cases clearly lower than the ones it marked at the end of March, before the entry into force of the aid.

The Government is reconsidering whether to keep this bonus focused on some sectors and not universally or eliminate it, given its high cost and its lack of progressivity.

Compared to the same week a year ago, including the subsidy, the price of a liter of gasoline is 4.7% more expensive than a year ago, while in the case of diesel the price is 25.4% higher .

These figures are recorded in an environment of high crude oil prices in the current context, marked by the war in Ukraine. Thus, this Thursday the barrel of Brent, a reference in Europe, was trading at almost 92.4 dollars, while the American Texas was trading around 85 dollars.

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 1.792 euros per liter, and for the euro area, with an average price of 1.849 euros.

In the case of diesel, the price in Spain is lower than the EU average, which is 1.889 euros, although not with respect to that of the euro zone, with a price of 1.913 euros.