Petrol Prices Up 2% Since the Start of Summer
July 18th, 2011
The average price of petrol has risen 2% since earlier this month and now costs 1.332 euros per litre, which is an increase of 14% over the same week in 2010, according to data collected by the European Union Oil Bulletin.
In the last week the price of petrol has risen by 1.7%, reaching levels similar to those recorded in late May, barely a month after the highest recorded price of 1.381 euros per litre. For diesel, the price rose to 1.258 euros per litre, an increase of 1.2% in both last week and so far this month, and marking an increase of 16.9% over the same week last year.
At current price levels, filling an average tank of 55 litres of petrol costs 73.2 euros compared to 64.1 euros a year ago, while in the case of diesel, the cost amounts to 69.1 euros – ten euros more than the 59.1 euros it cost in the same week of 2010.
So far this year, petrol and diesel prices have risen by 6% and 5.9% respectively, in addition to the increases of 13.4% and 18% respectively, recorded at the end of 2010.
From July 1 to August 31 about 83 million summer trips are expected to be made (800,000 more than projected in 2010), and also from July 1, after four months in force, the Government reinstated the speed limit on motorways to 120 km per hour despite saving an estimated 450 million euros.
The rise in fuel prices coincides with an increase in oil prices over the last few days. ABC reported that the price of a barrel of Brent stood at $119.1, compared to $114 a week ago, while Texas was about $98.5, compared to $95 a week ago. Nevertheless, retail prices for fuel in Spain are still below the European average. In fact, petrol reached 1.493 euros per litre in the EU-27 and 1.513 euros in the euro zone, and in the case of diesel, the price stood at 1.359 euros in the EU-27 and 1.343 euros in the euro zone.
Related Posts
- Semana Santa Sees Petrol Prices Hit New Record
- June Fuel Prices Fall But Prices up 22% on Last Year
- Fuel Prices Up 27% Since January 2009
