Wednesday, 13 September 2023, 11:36
The cost of filling up the fuel tank at service stations across Malaga province has shot up again recently.
The price for diesel has increased by an average of 56.50% in just three years, new data shows. The average price per litre in September 2020 stood at 1.072 euros in the province, while on 11 September 2023, the average was at 1.666 euros, according to tSpain's Ministry for Ecological Transition. The Andalucía region has experienced a very similar increase, where diesel has risen by 55.41% in three years.
Meanwhile, there's been no let up in other fuel prices, with 95-octane petrol costing 46.87% more in Malaga, and 47.06% more in Andalucía, compared to three years ago. The average price of 95 petrol in September in Andalucía stands at 1.728 euros, while in Malaga it has risen to 1.762 euros per litre.
The fuel price increase comes down to many factors such as rising taxes, distribution costs and the price for raw materials. Within the price of fuel, around 40% of the payment is tax. Fuels are not considered a basic necessity, so they are not subject to reduced Spain's IVA sales tax.
The Organisation of Petroleum Exporting Countries (OPEC) is also sticking to its plan, launched in April 2023, to reduce production by 1.1 million barrels per day, which aims to increase the profits extracted from each barrel and continues to push up the price of a barrel of Brent on the market. The trade rift with Russia, one of the main oil exporting countries, following the invasion of Ukraine is also a major factor.
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