That fuels are through the roof is something that all drivers have noticed. You don’t have to be very skilled in mathematics to appreciate an increase in prices that makes filling the tank today cost, on average, 15 euros more than a year ago. That is why now the question is not so much how much but why the price of gasoline is rising so much.
The price of gasoline now reaches 1,538 euros/litre. That means that filling a tank of gasoline today costs an average of 76.90 euros, while just a year ago it was barely 61 euros. The price of diesel, for its part, is also approaching its all-time record, as it rises to 1,422 euros/litre.
There are three reasons that, according to experts, explain this rise: oil price, increased demand and taxes. We look at them in more detail.
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The price of oil
The price of gasoline rises without stopping in all the countries of the European Union (EU). This is, firstly, a consequence of the increase in the price of a barrel of Brent oil, the reference value in Europe, as well as the increase in the demand for fuel caused by the greater mobility registered in recent months.
In this sense, during the last week of January the value of North Sea crude oil exceeded 90 dollars per barrel for the first time since October 2014, a high price motivated by geopolitical tensions in the Middle East and Eastern Europe and the low level of production of the Organization of Petroleum Exporting Countries and its partners (OPEC+).
Increased demand
The pandemic brought mobility to a standstill around the world last year. This caused the demand for automotive oil to fall drastically and crude oil producers decided to reduce production to adjust to the new situation.
The summer of 2021 represented a return to normality (or almost) in terms of mobility. With this, the demand for oil increased but production did not. Despite the fact that the OPEC countries have decided to continue with the same number of barrels per day on offer despite the fact that demand has risen.
Experts calculate that a progressive increase in demand as countries begin to remove mobility restrictions, added to the scarce supply of oil by the large exporting territories, could push the price of a barrel of Brent crude oil above 100 dollars.
Taxes
However, the price of crude oil only represents 40% of the cost of a liter of gasoline. Another important part depends on the taxes levied on this product.
Everyone knows that the Government has been trying to approve a rise in the tax on diesel for a long time
With everything and this, no we can complain since Spain has the lowest fuel taxes in Europe. The inspection of fuels is much greater, for example, in the United Kingdom, Germany, Sweden, Holland or Luxembourg, where the amount of taxes is 60% of the price per liter of gasoline at a pump.
This article was published in Autobild by Noelia López.