Tuesday, October 3, 2023

The price of gasoline has risen for ten weeks

Record price for gasoline since November. It reaches 1,722 euros per liter even though the peak summer season, when fuel prices tend to rise, has ended. According to the Ministry of Ecological Transition, the fuel recorded an increase for ten consecutive weeks since the end of May.

Filling an average car tank – 55 liter capacity – with petrol currently costs around 95 euros, 8 euros more than two months ago when the campaign took place in June. It’s up nearly 9% since the start of the holiday season.

According to autonomous communities, the highest price for 95 gasoline is in the Balearic Islands (1,823 euros/liter). This is followed by Asturias (1,787 euros/liter), the Basque Country (1,778 euros/liter) and Cantabria (1,766 euros/liter).

On the other hand, and excluding the Canary Islands and the cities of Ceuta and Melilla, Murcia is the municipality with the lowest average price (1,707 euros/liter). This list is followed by Extremadura (1,723 euros/liter), Aragon (1,726 euros/liter) and Andalusia (1,729 euros/liter).

Diesel prices are also at their highest since February. In your case it is 1,625 euros per liter. For a tank of fuel at this price, the consumer would have to pay more than 89 euros. Since July, the price of Diesel A has risen by 13%, meaning that refueling is 11 euros more expensive than before it was first put into operation.

After autonomous communities, the price of diesel is highest in the Balearic Islands (1,735 euros/liter). This is followed by Asturias (1,691 euros/liter), the Basque Country (1,678 euros/liter) and Aragon (1,664 euros/liter).

However, the autonomous community with the lowest average price (excluding the Canary Islands) is Murcia (1,599 euros/liter). Catalonia (1,613 euros/liter), the Valencian Community and Navarre (1,629 euros/liter) follow in the ranking.


To see this level of gasoline prices again, we have to go back to November last year, although at that time the discount of 20 cents per liter was approved by the government as part of the package of anti-crisis measures from the war in Ukraine, was still in force. .

This discount ended on Saturday December 31, 2022, although the government extended the fuel bonus for the professional road transport sector until the end of 2023.

The Price Of Gasoline Has Risen For Ten Weeks

Some oil companies have used this rising context to launch an offensive in the fuel market. This is the case of Repsol, which has doubled its fuel discounts to help its customers with September costs. As elEconomista.es reports, from last Wednesday to next October 15 (both inclusive), the company will multiply by double the discounts it has offered since April, when it launched the energy saving plans.

The recent gasoline price increases are mainly due to the increase in oil prices, which have increased by almost 22% compared to July.

Just over a week ago, oil and energy ministers in the 23-country OPEC+ alliance agreed to extend current production cuts for another year, until the end of 2024. In this way, both the two million barrels per day cut decided in October 2022 and a large part of the voluntary cuts announced in April last year remain in force, for a total of 1.66 million barrels.

This has caused the price of a barrel to rise again, taking Brent to over $90, a price not seen since November 2022.

World Nation News Desk
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