September 19, 2020

Fuels are still 9% cheaper than before the alarm state


Madrid

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Despite the slight upward trend in fuels During the last three months, they are still 9% cheaper today than before the state of alarm was decreed. This is due to the fact that demand remains below normal because the economy has not fully recovered and because of the fear that exists about the new outbreaks detected around the world.

The average price of 95 octane gasoline is 1,164 euros the liter in our country, according to data from the EU oil bulletin published yesterday. That of diesel is 1,061 euros. They are 8.85% and 9.40% respectively cheaper than those that were at the beginning of March when the state of alarm was decreed: 1,277 euros for gasoline and 1,171 euros for diesel.

Remember that the second great output operation The year for motorists (August 1) started with the average price of gasoline at 1,164 euros per liter and that of diesel at 1,063 euros. It was the lowest data on those dates since 2016, when gasoline cost 1,134 euros and diesel 1,015 euros.

With these prices, filling an average tank of 55 liters with gasoline cost 64 euros and if what was refilled is diesel, 58.5 euros. In other words, motorists saved about 8 euros compared to the operation that started in August last year. It is the same saving if we compare current prices with those of the beginning of the year.

Curiously, the July operation was even cheaper, with gasoline at 1,145 euros per liter and diesel at 1,040 euros. At the time, it was the lowest prices since 2009.

Fuel prices have accumulated 12 weeks on the rise since at the beginning of May they hit the ground with gasoline at 1,072 euros and diesel was below one euro per liter (0.980 on average).

This year started with fuels at highs (1,320 euros per liter of 95 octane gasoline and 1,247 euros for diesel). This means that current prices are 12% cheaper than at the beginning of the year, in the case of gasoline, and 15% lower in that of diesel.

Consumption fell 24.5%

It should be remembered that the consumption of automotive fuels has decreased in the first half of the year in our country by 24.5%, to 10.65 million tons, after a second quarter (April-June) in which there has been the lowest quarterly consumption and the highest year-on-year drop (40.3%) in a quarter since Cores has records, in 1996. Specifically, in the second quarter, in which until April 10 all non-essential activity to stop the coronavirus pandemic was paralyzed, the consumption of Automotive fuels registered the lowest quarterly demand (4.3 million tons) since information is available.

Specific, gasoline consumption has decreased in the first half of the year by 31%, up to 1.75 million tons, and that of diesel, 23.1%, up to 8.9 million tons. In June, despite the fact that the consumption of automotive fuels fell by 18.8%, to 1.96 million tons compared to the same month of 2019, there has been an increase of 37.4% compared to the previous month (May 2020 ).

It should be noted that in that month the consumption of kerosene, fuels used for aviation, fell by 91.7%.

In any case, it should be noted that the fall in fuel prices was not solely due to the consequences of Covid-19. Prices already began to fall in late January, when alarms began to go off in China by a hitherto unknown virus. The confinement of millions of people in various cities sank the demand for fuel and kerosene in a country that is the world’s leading oil importer.

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