Statistics reveal that the price of converting oil into gasoline has increased by 60% in the last year
bruno perezMadrid Updated: 03/25/2022 10:55 a.m.
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The industrial refining process that serves, among many other things, to transform oil into fuel has become 60% more expensive in Spain in the last twelve months, according to information provided this Friday by the National Institute of Statistics (INE) within the Industrial Price Index. Specifically, the prices of the heading 'coke ovens and oil refining', which includes the sales rates at the factory outlet of refined oil for fuel, have increased by 11% in February alone, 15% since that started the year and 59.2% since February 2022. The data only partially reflects the upward spiral in fuel prices after the Russian invasion of Ukraine and will probably have more room to rise next March.
The evolution of refining rates, which reflects the factory sales prices of the large refineries in Spain, owned by Repsol, Cepsa, BP and Petronor, is indivisible from the rise in the price of oil, which has increased at source more than 50% between April 2021 and February 2022 and explains the spiral in fuel prices at service stations in recent months.
Statistics also clarifies that the prices reflected in its Industrial Price Index refer to "the first step of its commercialization" and therefore do not include VAT invoiced, transport costs or marketing costs. In other words, they refer to the price that producers charge distributors for fuel, without incorporating the full range of costs associated with its transportation, distribution and making it available to the public.
The increase in the price of this industrial process in February, along with the impact on the oil markets of the conflict in Ukraine, emerges as the main cause of the 1.9% rise in industrial prices in the second month of the year, even above supply electricity and gas.
The rise in the energy bill is behind, however, the 40% increase experienced by the prices of industrial products in the last twelve months, a historical figure that is unprecedented throughout the 46 years that the INE has compiled this statistic.
The data has a very clear bias. The price of energy and gas supply has increased by 143% since February 2021 and that of oil refining, fundamental for the price of gasoline but also for other types of industrial fuels, has increased by 59.2%. , powerfully pushing up the cost of production of the rest of industrial goods, as is beginning to be seen in the INE statistics.
Impact on consumers and producers
The industrial cost of food processing has increased by 10.8% in the last twelve months, that of the manufacture of textile products by 8.8%, that of paper mills by 19.2% and that of manufacturing plastics more than 10%, all of them common items in the consumer shopping basket.
But price inflation not only has an impact on households but also on industry, which has seen how in the last year iron alloys and iron and steel products have become more expensive by 40%, chemical components, more than one 30%; and machinery more than 6%.
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