Gasoline threatens to be another burden in the uphill climb of September. The price of 95-octane fuel, the most commonly used variant, has already seen nine consecutive weeks of increases and in the final stretch of August, during the peak return operation, it nearly matched the annual high recorded in March, just days after the conflict in the Middle East broke out. According to the latest data from the EU Petroleum Bulletin, published this Wednesday, the average cost per liter of gasoline at Spanish pumps was 1.732 euros per liter on average last week, less than a cent away from the record for the year — and the last three years — of 1.733 euros.
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According to the document published weekly by the European Commission, the average price of gasoline in Spain rose by 0.5% in the last week of August compared to the previous seven days. If the comparison is made with the start of summer, the increase is around 20%. Diesel has also become more expensive (0.2%), although it is somewhat further from its annual high, reached in April: its average price per liter climbed to 1.865 euros at the end of last month, compared to the year’s record of 1.88 euros.
Everything points to gasoline continuing its climb in the coming weeks, fueled by a brent oil price, the European benchmark, that remains above 90 dollars per barrel, and the gradual disappearance of tax reliefs. On the other hand, a relief in the price of diesel is expected thanks to the activation, from this September 1, of the safeguard clause included in the latest anti-crisis shield approved. This provides for a gradual withdrawal of tax cuts on fuels conditioned on the evolution of inflation: if diesel and gasoline prices rise more than 15% year-on-year, hydrocarbon tax discounts are extended; otherwise, the aid is withdrawn.
Diesel prices rose by 15.7% in July compared to the same month last year, according to data from the National Statistics Institute (INE), so the tax cut associated with this fuel increased from 10 cents in August to 20 cents in September. According to the latest data from Geoportal, dependent on the Ministry of Ecological Transition, the average price per liter of diesel was 1.773 euros per liter this Wednesday, below that of 95 gasoline (1.774 euros per liter) for the first time since last March 4.
The price of gasoline, in fact, did not increase enough in July (7.3% compared to a year earlier) to activate the safeguard clause. The hydrocarbon tax discount applied to this fuel has therefore been reduced from 10 cents in August to 5 cents in September.
The current anti-crisis shield, the second approved since the United States and Israel attacked Iran at the end of February, ends this September and the Government has not yet confirmed whether it will maintain the aid or even add others. However, it assured from the beginning that the measures would be reviewed quarterly and extended depending on the evolution of the conflict which, to date, does not seem to have a solution in sight.
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