Fuel prices start the year on a high due to Middle East tension

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Fuel prices start the year on a high due to Middle East tension
Fuel prices start the year on a high due to Middle East tension

The price of a litre of fuel in Spain has increased in price by at least 2% so far this year due to the upward escalation recorded in recent weeks in the price of crude oil, due to tension in the Middle East.

The average price of a litre of diesel has increased by 2.13% since last 16 December, the last date on which the European Union provided fuel data prior to the Christmas holidays, to stand at 1,247 euros in this second week of January, according to data released by the EU Oil Bulletin.

The price of a litre of diesel is now at its highest level since the first half of June, at which time it cost in the region of 1.2 euros per litre. Unleaded petrol has also increased in price (+ 1.3%) since the last data in December, to 1.32 euros, its highest level since the end of September.

The escalation of tensions in the conflict between the United States and Iran has led to an upward spiral in the price of a barrel of oil, which in recent days has peaked above the level of 70 dollars.

On Thursday, however, a barrel of Brent crude, the benchmark in Europe, relaxed in price to $ 68, while American Texas traded at about $ 62.

However, gasoline is still cheaper in Spain than in the EU average and the euro zone. Currently Euro-Super 95 fuel stands at 1,443 euros and 1,477 euros, respectively, while a litre of diesel costs an average of 1,381 euros in the EU and 1,379 euros in the eurozone.

The lower level of prices with respect to surrounding countries is due to the fact that Spain, despite VAT increases, higher taxes and biodiesel levies, still has lower fiscal pressure, in general, than the remainder of the community.

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