ELSA MARTIN
@elsa_millan
Updated Friday, February 11, 2022-02:03
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The price of gasoline in Spain climbs
to its historical maximum
, 1,558 euros per liter,
beating the record of a week ago that exceeded the one reached in September 2012 when the liter cost €1,522.
For its part,
diesel
stands at
€1.444/l this week, equaling the historical record set in 2012.
All this occurs despite the fact that the price of a barrel of Brent, a reference for setting the price of oil in Europe, is a 20% cheaper than 10 years ago.
To try to answer the question of how much the rise or fall in the price of a barrel of Brent has an impact on the consumer's pocket when they go to refuel, it should be noted that
the Retail Price (RRP)
of fuels
is determined
by different components;
On the one hand
, taxes,
which account for half the price
, and on the other, the Price Before Taxes (PAI)
, which includes the wholesale cost of crude oil and distribution costs and margins.
Of these components,
the international price of crude oil accounts for 35% of the Retail Price
, so the rise or fall of a barrel of Brent will affect the final price in that proportion.
In addition, it should be noted that the refineries carry out contracts for the acquisition of crude oil to process immediately or in the short-medium term.
In the first case, the price of Brent would have an automatic impact, but in the second case, the impact of the rise in Brent would not be so direct on the final price of fuels, since the refineries could have stockpiled the oil when the price of a barrel was minor.
Above the international price of crude oil, there are
taxes that account for practically 50% of the final price of filling a tank and the remaining 16% is determined by the gross distribution margin,
which by the way, in 2020 marked its historical maximum, increasing the product even more, according to data from the CNMC (National Commission of Markets and Competition).
In this way, according to the AOP (Spanish Association of Petroleum Product Operators), if a government decides to raise or lower the taxes levied on gasoline or diesel A, the price of fuel could be directly more affected by this action than by tensions in international prices.
When we have not yet overcome the pandemic and we find ourselves avoiding the sixth wave in our country,
the energy crisis,
marked by geopolitical tensions, has abruptly made its way, having a full impact on our pockets.
If
we add to the
rise in fuel
prices the rise in gas prices
and
the records that the price
of electricity
continues to break ,
we are facing an increase in energy prices, which pushes inflation in Spain to record levels for three decades.
Source:
CNMC (National Markets and Competition Commission), AOP ((Spanish Association of Petroleum Product Operators), Investing, Ministry for Ecological Transition and the Demographic Challenge.
Infographic:
Elsa Martin
Art direction:
María González Manteca.
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