Petrol has gone up by 48.4% and diesel by 56.5% in a year. / sur

Petrol prices reach a new record high and now swallow up 75% of the discount in Spain

The average price has risen by 1.4% in a week and is now close to two euros a litre before the refund, while diesel is nearly 1.85€

JOSÉ MARÍA CAMARERO Madrid

The average price of petrol in Spain has been rising again in the past week and has now reached a new record at 1.968 euros a litre, an increase of 1.44% compared with seven days earlier. This price includes taxes but not the minimum 20 céntimo per litre discount that came into force on 1 May, because some companies are giving bigger discounts.

Even with this financial assistance, after six price increases since Easter a litre of petrol is barely five céntimos cheaper than it was in the last week of March, before the discount began to be applied. In fact, it has risen so much that it swallows up 75% of the discount.

Diesel, on the other hand, has actually gone down in price for the third week in succession, dropping by 0.8% to an average of 1.852 euros before the discount is applied.

Compared with a year ago, petrol has gone up by 48.4% and diesel is 56.5% more expensive.

There have been constant increases in the price of crude oil due to the Russian invasion of Ukraine. A barrel of Brent was over 113 dollars on Thursday, and American Texas was just over 112.5 dollars.

Fuel prices depend on numerous factors, including their specific price (independent of the oil price), the price of crude oil, taxes, the cost of raw materials and logistics, and gross margins. Therefore, changes to the oil price are not passed immediately to the price of petrol, but are applied after a time lag.

Prime minister Pedro Sánchez announced to the socialist parliamentary group this week that the government will continue and possibly expand the measures to offset the consequences of the Ukraine war for another three months when the present ones are due to come to an end on 30 June.