June 13, 2021

To the rise in electricity is now added that of oil


Madrid

Updated:

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While Spanish citizens continue mulling over the new electricity prices by hourly sections to avoid an increase in the bill, now it is oil that seems to have started another upward trend. For now, it has exceeded $ 70 a barrel, a price that has not reached for just over two years.

The economic reactivation in most countries is causing a considerable increase in the demand for oil, which is driving up its prices. Since she began this year, Brent crude has gone up 36.4%.

This increase in the price of oil dragged up fuel prices. In our country, the average price of 95 octane gasoline is 1,351 euros per liter and that of diesel is 1,211 euros. Along the this year, gasoline has risen by 14% and diesel by 13%, so filling the tank of a vehicle is now about eight euros more expensive than at the beginning of the year.

Regarding the price of electricity, it should be remembered that it rose again in May in the wholesale market, reaching an average of 67.12 euros per megawatt hour (MWh), which represents a 215.85% increase compared to the same month of 2020 and 3.23% more than in April of this year. In addition, the average price for the first five months of this year is 53.25 euros per MWh, the most expensive since 2008 (62 euros), according to data from OMIE, the manager of that market.

This significant rise in electricity costs coincides with the entry into operation last Tuesday of the new electricity pricing and billing mechanism that establishes three periods: ‘tip’, ‘flat’ and ‘valley’.

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