Gasoline prices drop 11% in six weeks

Dispensers of various types of fuel at a station. / J. BELVER / EFE

Despite the slight respite in full operation, refueling costs up to 23.5 euros more than a year ago in the most expensive August in history

Clara Dawn

The price of fuel gives respite to the pockets of consumers in full activity outside August. But only half. According to data from the latest oil bulletin of the European Union (EU), this is the sixth consecutive week of falling prices at petrol stations. But it is also the most expensive month of August in history because, despite the drop, refueling remains between 16 and 23.5 euros more expensive than just a year ago, depending on whether the gasoline or diesel is used. On average, about 94 euros for a 55 liter tank.

Concretely, the average price of a liter of gasoline was established this week at 1,902 euros, or 2.6% less than the previous one. For its part, the average price of diesel is 1,893 euros. Either way, it’s the lowest level since May and if you take the end of June as a benchmark – when prices started to moderate after a wave of continuous increases – the cost of petrol has come down. of 11.2%, while the drop was 10% in the case of diesel.

EU oil bulletin data does not include the government-approved 20 cents per liter bonus – which came into effect on April 1 and has been extended – which in some cases has led to rebates higher in the face of the different discount strategies adopted by the major oil companies to retain their customers. Thus, the average price of gasoline would actually be 1,702 euros, while that of diesel is 1,693 euros per litre.

Although this is an average and in some petrol stations these levels are exceeded, drivers will be grateful during their holidays not to have to deal with the two euros per liter that have been exceeded in moments the tightest on the market. Of course, they should not forget that the cost of this exit operation is still high, since it still exceeds the previous record for the first week of August set in 2013. At that time, a liter of gasoline cost 1 472 euros and that of diesel 1,376 euros.

“If we are going to make a long road trip, it is worth checking which are the gas stations that offer the best prices at the origin, at the destination and during the journey”, indicate the analysts of EFPA Spain. Similarly, the Directorate General of Traffic (DGT) calls for efficient vehicle driving, estimating that between 30% and 50% of the expense depends on how the owner drives.

Oil evolution

The recent moderation in oil prices has a lot to do with the fall that fuels have also experienced. From the highs of 120 euros reached at the end of May, a barrel of Brent, a reference in Europe, is now trading around 95 dollars. However, the price at the pump also depends on other factors such as taxes or logistics and transport costs.

According to the European bulletin, Spain – including premiums – remains below the European average, where petrol is sold at 1,856 euros and diesel at 1,878 euros per litre. Without the subsidy, prices would be higher than in the EU. Even so, it is more expensive to refuel in neighboring countries such as France (1,844 euros per liter of petrol and 1,878 euros for diesel) and Portugal (1,889 and 1.83 euros respectively).

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