The price of fuel continues to fall, but the gap between diesel and petrol increases

The average price of motor fuels has fallen again this week, with a drop of up to almost 2.3%, although the gap between diesel and petrol continues to widen.

Specifically, the average price of a litre of petrol has fallen this week, for the third consecutive time, by 2.28%, to go back to 1,708 euro, its lowest level since mid-April, according to data from the Union Oil Bulletin Union.

In the case of diesel, it has registered a decrease of 2%, falling for the second week in a row, to stand at 1,867 euros its lowest level since the penultimate week of August.

In this way, both fuels are further away from the highs they reached this summer, when in July they reached 2,141 euro for petrol, and 2.1 euro for diesel.

However, the average price of a litre of diesel in Spain remains for the sixth consecutive week above that of petrol and the gap rises to 16 cents.

This average amount of both fuels includes taxes but does not reflect the discount that came into force since last April 1 of at least 20 cents per litre, since there are higher discounts, depending on the oil company and the promotions to customers.

Counting on this subsidy, the price of a litre of petrol is 1,508 euro, while that of diesel would be 1,667 euro, in both cases lower than what it marked at the end of March, before the entry into force of the aid –1,818 euros per litre in the case of petrol and 1,837 euro for diesel–.

Despite the reduction in prices recorded in recent weeks, fuels continue to have a particularly high price compared to recent years at this point in the year.

In this way, compared to the same week a year ago, the average price of a litre of petrol is 19% more expensive, while in the case of diesel it has become almost 46% more expensive, although without taking into account the discount currently in effect.

Collecting the subsidy, the price of a litre of petrol is 5% more expensive than a year ago, while in the case of diesel the price is 30% higher.

These figures are recorded in an environment of high crude oil prices in the current context, marked by the war in Ukraine. However, this Thursday the barrel of Brent, a reference in Europe, was trading at almost 91 dollars, while the American Texas was exchanged at around 84 dollars.

The price of fuels depends on multiple factors, such as its specific price (independent of that of oil), the evolution of crude oil, taxes, the cost of raw materials and logistics, and gross margins. In addition, the evolution in the price of crude oil is not transferred directly to fuel prices, but rather with a time lag.

With these levels, the price of unleaded petrol remains in Spain below the average of the European Union, located at 1,760 euro per litre, and of the eurozone, with an average price of 1,833 euro.

In the case of diesel, the price in Spain is higher than the EU average, which is 1,836 euro, but lower than that of the euro zone, with a price of 1,874 euro.

However, including the bonus of at least 20 cents per litre, the price of both fuels in Spain is below the European average.