The price of gasoline reaches its highest levels this year after eleven weeks of increases

He fuel price continues to grow in Spain for the eleventh consecutive week, reaching 16% cumulative increase since the beginning of summer. This latest increase has made the price of gasoline reach highs again annual.

Specifically, the price of gasoline has increased by 0.92% this week, until reaching the 1,751 euros per literhis highest price in 2023, which has not been achieved since end of november when the bonus 20 cents per liter of the Government was still in force. This price would only be surpassed by those marked in July last year, when the gasoline consumption subsidy was also in force.

The price of diesel, on the other hand, also has remained on the rise for eleven consecutive weeks, reaching the 1,668 euros per liter this week after a 2% increase. In this case, this price level was not touched since February this year.

Diesel has become more expensive by 16%

Since the beginning of July, when This new upward spiral started in fuel prices, the liter of diesel adds an increase of 16%.

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

However, both fuels they have not been able to touchdespite this upward trend of the last two monthsthe maximums they reached more than a year ago, when in July gasoline reached 2,141 euros and diesel 2.1 euros.

Filling the gasoline tank is 13.4 euros more expensive than in 2022

At current prices, filling a medium tank of 55 liters of gasoline is currently rising about 96.3 euroscompared to 82.9 euros –about 13.4 euros less– what it cost at this time last year, including 20 cent discount per liter that was in force a year ago.

In the case of diesel, filling from an average deposit 55 liters currently means about 91.74 eurosabout 2.1 euros less than the 93.83 euros what it cost in the same period of 2022.

Last year, for price escalation of fuels due to the energy crisis caused by the war conflict, the minimum bonus of 20 cents per liter of fuel for all citizens approved by the government within its response plan to the impact of the war in Ukraine.

Likewise, with this, the diesel adds 31 consecutive weeks below the price of gasoline. It stays like this in the usual situation from before the Russian invasion of Ukraine, which caused the price of diesel was more expensive than gasoline continuously since August 2022 and until mid-February this year, when that dynamic was broken.

This upward spiral in fuel prices is driven mainly by the increase in the price of its raw materials, the oil. In this context, this Thursday the barrel of Brent, a reference in Europe, was trading at $92.55while the American Texas is exchanged about $88.61.

The price of fuel depends on multiple factors, such as your specific quote (independent of oil), the crude oil evolution, taxes, the cost of raw materials and logistics and gross margins. Besides, the evolution in the price of crude oil is not directly transferred to fuel prices, but rather it does so with a time lag.

Cheaper in Spain than in the surrounding area

With these levels, the price of 95 unleaded gasoline remains below the European Union average in Spain, located at 1,839 euros the liter, and from the eurozone, with a average price of 1,920 euros.

In the case of diesel, the price in Spain also is lower than average of the EU, which is 1,787 eurosand the euro zone, where it marks a price of 1,845 euros.

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