Price of Diesel Overtakes Petrol
November 17th, 2011
The average price per litre of diesel stands at 1.316 euros, exceeding the price per litre of petrol for the first time since 2009 and is just a centimo off the historical ceiling it reached in July 2008.
As recorded in the European Union Petroleum Bulletin, a litre of 95 octane petrol has dropped in the last month by 0.30% to 1.310 euros, while diesel fuel prices have increased by 1.94%.
Comparing prices over the last year, diesel prices have increased by almost 18% and petrol by 10.08%. To fill a 55 litre tank with petrol costs about 72.05 euros, which is 6.6 euros more than a year ago, while a full tank of diesel at the pump is worth 72.38 euros, 11 euros more.
Sources from the Spanish Association of Oil Product Operators (AOP) explained that the international price of diesel has been above the market value of petrol for months.
Up until now, this difference had not been transferred to the consumer because diesel supports a lower tax burden, which absorbed the rising cost of raw materials, El Mundo reported.
In addition, the price of diesel rises in winter due to its use for heating, and 77% of the cars that are registered in Spain are diesel.
On the other hand, fuel prices are still below average in Spain against the European Union and the euro zone.
Unleaded 95 octane petrol costs in the EU27 an average of 1.5 euros per litre and in the euro zone around 1.51 euros per litre. The price of diesel is 1.415 euros in the EU and 1.402 euros in the euro zone.
- Petrol Prices Up 2% Since the Start of Summer
- Petrol Prices Rise 2.6% in a Week
- Semana Santa Sees Petrol Prices Hit New Record