Increasing fuel by more than 2% extends the slope from January to February.
Drivers have seen the traditional January slope extend throughout February as fuel prices are currently at a yearly high: Gasoline with octane number 95 at 1572 euros per liter and diesel fuel at 1528 euros.. In fact, these are the highest average prices since mid-December 2023.
Since the beginning of the year, gasoline prices have risen by 2.6%, diesel – by 2.3%. In both cases, this means an increase of approximately three euros per vehicle fill-up compared to the end of last year.
Rising fuel prices have a significant impact on the Spanish economy and therefore on the consumer price index. Not only will road transport of goods and travelers be affected, but also tens of thousands of self-employed workers who use vehicles for their work.
In 2023 demand for gasoline the automobile industry (6.06 million tons) registered a growth of 5.4%, while diesel fuel (21.5 million tons) fell in price by 2.8%. As for gasoline, this is the highest annual consumption since 2009 (6.12 million tons). Demand for aviation kerosene (6.6 million tons) grew by 17.6% last year, recording the highest figure since 2019.
Service stations BP, Cepsa and Repsol recorded the highest average prices and amenities last year independentThis is the lowest figure according to the latest report from the CNMC (National Commission for Markets and Competition). The latter were also the ones who reduced prices the most. Prominent among them were Plenoil, Petroprix, Bonarea and Ballenoil.
Increasing margin
The average gross margin (the difference between the pre-tax price and the international price) of gasoline 95 in the Peninsula and Balearic Islands was 27.7 euro cents per liter, higher than the average margin in 2022 (27.5 cents) and in 2021. (24.1 cents). The average gross margin for Diesel A in the Peninsula and Balearic Islands was 26.7 cents, higher than in 2022 (25.6 cents) and 2021 (23.7 cents).
higher gross profit corresponded to the distribution networks of BP, Cepsa and Repsol, and the lowest to independents, which reduced their margins in contrast to the vast majority of flagship networks.
Asturias and Guipuzcoa These were the peninsular provinces with the highest average retail price (pvp) for 95 petrol, followed by Huelva. For its part, Lleida continued to be the peninsular province with the lowest average PvP, followed by Murcia, Cadiz and Almeria.
In terms of Diesel A, Asturias was also the peninsular province with the highest average PvP. Cuenca and Guipuzcoa followed him. At the bottom of the rankings, Murcia was positioned as the peninsular province with the lowest PvP, ahead of Lleida and Valladolid.
The non-peninsular territories of the Canary Islands, Ceuta and Melilla again recorded the lowest prices in the national ranking for both fuels due to their reduction of tax burden– explains CNMC.
Average prices in our country in December last year ranked 14th in the EU-27 for gasoline and 18th for diesel A.
Brent oil price rose 17%
If we return to the present, it should be noted that the increase in fuel prices in recent weeks is mainly due to the braking effect caused by rising oil prices on international markets. Now it is 83 dollars per barrel, the Brent exchange rate, which means that growth of 17% in 2024. The average price this year is $79.5 per barrel, compared to $83 in 2023. In addition, the current price matches the highs of the year, which in turn are the highest since November 2023.
According to a recent UN Security Council report, with rising crude oil prices, tensions in the Middle East are having an increasing impact, with rising prices driven by a risk premium due to the potential for conflict to spread throughout the region. The International Energy Agency (IEA), which indicates that global oil demand growth is losing momentum, has therefore lowered its growth forecast for this year, contrary to the views of OPEC+ (Organization of the Petroleum Exporting Countries and Petroleum Exporting Countries) allies. ). .