Fourth consecutive rise in the price of fuels: they increase by more than 2% in the first operation out of August

Gasoline and diesel rose on average in the last week by 2.17% and 2.53%, respectively, linking their fourth consecutive rise with the one that returned to levels of last April and confirms the upward pressure on fuels in full start of the first operation out of August.

According to the European Union (EU) Oil Bulletin, which collects data from more than 11,400 service stations in Spain between July 25 and 31, the average price of gasoline stood at just over 1.65 euros. the liter, while diesel cost almost 1,502 euros.

In this way, both fuels scored their fourth consecutive advance, which makes them return to the records of last April, when the liter remained above the barrier of 1.6 euros, as had been happening since the beginning of the year. . In fact, the close to 1,651 euros that gasoline marked -always on average- last week had not been reached since mid-April (week from 11 to 17).

Despite this rise, gasoline is 3% cheaper than a year ago, when the discount of 20 cents per liter approved by the Government was still in force, while diesel costs 11.3% less.

Compared to the first week of this 2023, in which the effects of the bonus were still being felt in the last days of December, gasoline has become more expensive by 19.3% and diesel by 2.9%. On the other hand, if we look at the data from a month ago, the first fuel is now 3.7% more expensive, and the second, 4.5%.

At current prices, filling a 55-liter tank with gasoline costs 90.75 euros, while if it is refueled with diesel, the price is 82.61 euros, which represents a reduction of about three euros compared to a year ago. in the first case and 10.5 euros in the second.

Oil ready to rise

The prices of both fuels, yes, are far from the historical highs that they reached in June 2022, in the midst of the energy crisis caused by the Russian invasion of Ukraine, since gasoline costs 15% less and diesel, 21% less. However, analysts warn that the price of oil “is poised to rise.”

For the global head of raw materials and derivatives at Bank of America, Francisco Blanch, the keys to the upcoming tensions in this market are in Russia, which the price weakness “is affecting in its war efforts.” Also in OPEC+, “mobilized” to avoid a collapse in prices, and in the US action itself, “which has to replenish reserves.”

Along these lines, the global markets strategist for the multi-asset investment platform eToro, Ben Laidler, explains that “OPEC's supply cuts, the resistance of economic growth and the hopes of economic stimulus from China boosted oil” .

Immersed in this scenario, fuels in Spain were again below the average of the Twenty-seven of the European Union, where the price was 1,789 euros per liter of gasoline, and about 1,642 euros, for diesel. They were even more expensive in the eurozone, where a liter of gasoline was paid on average at 1,847 euros, and diesel, at more than 1,674 euros.