Sunday, May 28, 2023

Gasoline and diesel prices hit a yearly low before the weekend

The average price of fuel this week continues with its downward trend, which has led to hitting new prices so far this year and confirms, both in the case of diesel and gasoline, below the levels before the war in Ukraine. end of February 2012

In particular, the average price of diesel fell by 0.14% this week compared to seven days ago, to enter a new minimum this year and to fall to the last with the end of January 2022.

According to data from the Oil Bulletin of the European Union (EU) collected by Europa Press, this week the average price of a liter of diesel is located, after a ten-week slide, to 1,409, also consolidating at a lower level than what it costs in 2022 next week, with government support of 20 cents per liter is still applied.

For its part, the average price of a liter of gasoline this week tied the fifth consecutive fall and, with a decrease of 0.19%, stands at 1,576 coins, the lowest level since last year before the middle of February.

When the war broke out in Ukraine after the invasion of Russia on February 24, 2022, the average price of a liter of gasoline stood at 1,592 euros, while the diesel number was reported at 1,479. Later, the escalation in the price of fuel led the Government to provide a minimum benefit to all citizens of twenty cents per liter of fuel, as part of the response plan to the impact of the war in Ukraine.

Diesel is still cheaper than gasoline

In addition, diesel is thus in line with the price of gasoline for a fortnight. Thus, it remains the usual situation before the Russian invasion of Ukraine, which made the price of diesel more expensive than gasoline continuously from August 2022 until mid-February of this year, when that dynamic broke out.

Compared to the first week of 2023, without the 20 percent discount applied by the Government last year, gasoline registered a decrease of 0.5%, compared to 15.2% of cheaper diesel. With these price levels, both fuels remain far from the high reached last summer, when in July gasoline is reported at 2,141 euros and diesel 2.1.

Likewise, gasoline and diesel continue for another week below the amount they have designated (1,818 euros in the first case and 1,837 coins in the second) before entering the aid force of 20 cents per liter approved by the Government at the end. March of next year, and that from the beginning of 2023, is reserved only for a group of professionals, in which there are vehicles, farmers, companies of ships and fishermen.

In this context, this Thursday a barrel of Brent, which is reported in Europe, was trading slightly at about 78 dollars, while the American Texas is trading at about 74 dollars.

The price of fuel depends on several factors, such as its specific price (absent from oil), the development of crude oil, taxes, the cost of raw materials and logistics, and the gross margin. In addition, the development in the price of crude oil is not directly transferred to fuel prices, but with a lag time.

Cheaper in Spain than around

At these levels, the price of gasoline 95 unpaid in Spain remains below the average for the European Union, 1,703 coins in sixtari, and for the euro area, with an average price of 1,757 coins. In the case of diesel, the price in Spain is even lower than the European average, which is 1,535 euros and the euro zone, where the price is 1,565 euros.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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