Fuels have entered an upward path in their prices in Asturias and in Spain as a whole since December 22 after a long period of attenuation of their prices. This rebound in gasoline and diesel prices is added to the disappearance since last day 1 of the bonus that the Government had approved of 20 cents per liter since April 1.
Despite this rise in the last fortnight, fuel prices are still far from the 2022 highs, although they persist above those of a year ago.
The average price in Asturias of 95 octane gasoline is 1,658 euros. It represents an increase of 0.062 euros compared to the price of December 22 and 0.158 euros compared to the average price of a year ago. If it is compared with the average price of April 1 (1.826 euros per liter), gasoline is 9.2% cheaper than when the executive began to apply the bonus. Then there was the incentive of 20 cents, which was deducted from the final amount, but, even making the comparison with the price at that time resulting from applying this subsidy, the price is today, without the help of the Government, 8.19% more economical.
Gasoline has already absorbed practically all the extra cost of the war in Ukraine. This fuel is still more expensive than then, but at just 0.039 euros per liter. The downward path has been very notable since the highs reached on June 16, when gasoline was paid in Asturias at 2,191 euros per liter on average, according to data from the Ministry for Ecological Transition. Since then, 24.32% has become cheaper.
In the case of diesel, it is still more expensive than gasoline, a rare phenomenon that has been determined, among other factors, because Spain does not only import oil. It also buys diesel abroad to cover the national needs of this derivative, and Russia was the main supplier.
Diesel A marks an average price in Asturias of 1.701 euros per liter, 0.043 euros above gasoline of 95. The 1.701 euros on average in the region means an increase since December 22 of 5 cents per liter. Still, it’s a little over 17 cents cheaper than the price listed at gas stations on April 1. However, considering the 20 cents discount that began to be applied at that time and which is now no longer available, except for certain professional groups, the final price of diesel for consumers is now 0.026 cents more expensive than then as a result of the double effect of the elimination of state aid and the rise in the price of fuel.
This price is still, however, very far – the same thing that happens with gasoline – compared to the historical record of high prices that was reached last year: on June 23, diesel cost an average of 2,192 euros in the region. Now it is 22.39% cheaper. Yes, it is more expensive compared to the eve of the war (today for diesel you pay 0.194 euros more than then) and in relation to a year ago: the price exceeds that of twelve months ago by 0.329 euros.
Between the cheapest and most expensive gas stations in Asturias, the prices differ significantly: gasoline ranges between 1,527 and 1,733 euros with data from yesterday, and diesel, between 1,619 and 1,759 euros. These are differences of up to 20 cents.
Oil becomes more expensive for the first time this year after several days down
The barrel of Brent oil (the reference for Europe) registered its first increase of the year yesterday, with an advance of 1.09% in the London futures market, to settle at 78.69 dollars. North Sea crude for March delivery added $0.85 from the previous day, when it ended at $77.84. Brent on Thursday reversed the downward trend of the last two days – when it fell more than 9% – caused by fears of a global recession. Falling fuel inventories in the United States and hopes that demand in China will recover as the country lifts coronavirus restrictions led the price higher.
In turn, the euro depreciated yesterday below 1.0550 dollars, after the publication of job creation data in the US, figures that were better than expected and therefore support the determination of the Federal Reserve (Fed ) to continue raising interest rates, which favors the rise of the dollar. At a lower exchange rate for the euro and the strength of the US currency, crude oil becomes more expensive in the European currency, given that oil is quoted in dollars on the international market.