Gasoline is cheaper by 10% and gives a break

Filling the tank costs seven euros less this week than in mid-June. Even so, it is still 24 euros above the summer of 2021. / JC

Filling the tank costs this week in the islands seven euros less than in mid-June, when the historical maximum was reached

The price of fuel has given a break in the last month and a half to the canaries. Since mid-June, when the historical maximum prices were reached in the islands, the liter of fuel
has been reduced by 10%.

This week the canaries are paying
seven euros less for filling your tank than in mid-June, which is appreciated by some battered pockets in which there is little left to scratch in the face of the general rise in prices.

According to the reference prices provided by
pcan (then each service station is free to put the one they want), from Monday the liter of
gasoline 95 is at 1,481 euros compared to the 1,586 that marked the first week of July and the 1,610 of the maximum in mid-June, the date on which they began to fall.

98 is at 1,581 compared to 1,690 in early July and 1,700 on June 15.

As for diesel, the reference price this week is 1,502 euros compared to 1,599 a month ago. At the maximum peak, in mid-June, the liter cost 1,605 euros.

A deposit today costs 81.4 euros but drops to 70 with the help

Filling an average 55-liter tank costs 81.4 euros this week if it is 95 gasoline.
The figure drops to 70.4 euros taking into account the discount of 20 cents from the Government of Spain. In mid-June, the payout was 88.5 euros, 77.5 with the bonus.

In the case of diesel, the reduction is similar: from paying just over 88 euros to fill the tank (77 with the public discount) it has gone to 82 (71 with the help).

The reduction is explained by the decrease experienced by the barrel of crude in the international markets and everything indicates that the decline will continue in the coming weeks.

OPEC production increase in September will help

The announcement made last week by OPEC of an increase in production from September supports these forecasts. Although the increase in crude oil will be less than initially forecast, it will contribute to reducing price pressure.

This is how the representative of
Canary Islands Oil Company (Pcan), Enrique Peña. "The forecasts indicate that the price of fuel will continue to fall," says Peña, who indicates that OPEC's decision "will help." “Even if it is lower than expected, everything adds up and if there is more supply, the barrel will be cheaper and will have repercussions on fuel,” he indicates.

Consumption remains stable despite rising prices

The rise in fuel prices in the Canary Islands in recent months has hardly been felt in consumption. According to Peña, in recent weeks there has been a slight drop that is attributed more to vacations and the lower movement of vehicles than to high fuel prices.

“In general there has not been that decline.
consumption has been maintained and the sharp drop that occurred in the 2008 crisis has not been noticed, ”says Peña. The habit that has been imposed with the rise in fuel prices is that of consumers arriving at the pump with a closed amount of money to spend on gasoline. It is unusual for those who come to fill the tank and most of those who ask for 20 or 30 euros of fuel, as a way to control spending.

The islanders pay today 24 euros more than in 2021 for their tank

If you compare this year's prices (not counting the Government's 20-cent bonus) with those of a year ago, Canarians are paying up to 24 euros more to fill the tank.

In August 2021, gasoline 95 was at 1,042 euros, which meant a disbursement of 57.31 euros for a full tank. The 98 was at 1,168 euros, so filling the tank was 64 euros, 22 less than now.

Finally, diesel was below the euro, at 0.972 per liter, so that filling the tank was 53.46 euros compared to 71.61 now.

The forecast is that prices will continue to fall in the coming weeks, although there is still a long way to go to reach the levels of a year ago.