According to Europa Press data from the European Union Oil Bulletin, the average gasoline price in Spain rose by 1.44% this week.
This average price does not include taxes and is subject to change depending on which oil company.
If you count this subsidy, the price for a liter gasoline would be just five cents less than it was in the week before the discount started to apply. This is because the fuel’s rise in price since then has already taken 75% of the aid.
Diesel’s average price per liter has fallen 0.8% to 1,852 euros.
This is why diesel has seen a better evolution than gasoline, despite its high price. This means that diesel would cost 18.5 cents more than gasoline if it were to be reduced by 20 cents per gallon.
The average gasoline price has increased 48.4% compared to last year, and diesel is 56.5% higher, though this does not include the current discount.
These prices were recorded in an environment where crude oil prices have been rising in recent times, a context that has been exacerbated by Russia’s invasion of Ukraine. The Brent barrel, which is a reference in Europe was trading at 113 dollars on Thursday, while the American Texas traded at just over 112.5.
Multiple factors affect the price of fuel, including its specific price (undependent of oil), evolution of crude oil and taxes, as well as the cost of raw materials, logistics and gross margins. The price evolution of crude oil does not directly affect gasoline prices. It is a function of time lag.
This new fuel increase comes amid the Government’s study to expand the anti-crisis package launched on April 1. It includes the bonus of 0.20 Euros per liter refueled.
Pedro Sanchez, President of the Government, made the announcement before his parliamentary group. The Executive will extend the measures for three more months starting June 30, with a decree that will, according to Moncloa maintain the “substantial”. The bonus will remain the same regardless of how much the consumer earns during summer.
Isabel Rodriguez, Minister of Territorial Policy and spokesperson for the Government, clarified that they will “reformulate” the anti-crisis decree in order to reduce the impact of war caused by the invasion of Ukraine. This will be extended for three more months. She explained that they will always give the correct answers.
In statements to media from Jerez, the spokesperson has transferred this information after Alberto Garzon, Minister of Consumption, mentioned the fact that only those who truly need the measures (such as the fuel bonus) reach the majority of people.
The spokesperson for the Government stated that the government will reformulate the aid in order to respond appropriately when the decree becomes effective.
