Gasoline at €3/litre is already lurking on the horizon. And we can see it this summer

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A figure already flies over a good part of the conversations at work, between family and friends: a liter of gasoline for three euros. A figure that causes chills and that some already anticipate. Can we begin to look nostalgically at two euros/liter of gasoline?

more expensive than ever. No matter where we look, photography is bleak. Every new day that we consult the information in, a web space that collects the average prices of Spanish gas stations, is a new day in which the left column of its tables is painted red. Synonymous with gasoline and diesel becoming more expensive again.

It also doesn’t matter if week after week we check the data provided by the European Union. Every Thursday a report is reported with the average price paid by citizens for fuel. With the subsidy already contemplated in the prices, gasoline exceeds two euros/liter and diesel is very close in its last report.

With the updated prices, today, June 15, 2022, we are paying an average of €2,145/l if we talk about gasoline 95 and €2,053/l, in the case of diesel A. The most expensive options shoot up to €2,302/l in the case of gasoline 98 and €2,148/l if we talk about diesel A+. Any of these prices already has the subsidy reduction of 20 cents/liter applied and any of them serves to reflect the historical maximum price of these fuels.

Gasoline Price 3 Euros


Why? The reasons why gasoline and diesel are breaking all records point to two main reasons. The first (and most obvious) is the Russian invasion of the Ukraine. One of the movements that the European Union has resisted the most is to stop having Russia as one of its main oil suppliers but, finally, it has decided to drown the invading country by damaging one of its most important sources of income. .

It is a harmful measure for the EU’s own commercial interests, since Russia supplies the 25% of oil that is consumed in Europe. It is estimated that the continent consumes 4.5 million barrels a day from Russia. The 60 million barrels released from European reserves seem to have fallen far short and have failed to take pressure off a market that is a pressure cooker.

Other variables must be added to this context. The price of the Brent Barrel seems to be based on the border of the $120/unit. The Libyan political crisis has turned off the tap on crude oil exports and OPEC has resisted increasing its production despite releasing 1.45 million barrels per day less than expected. The oil companies are looking New marketslike Ecuador, and even the United States has approached Venezuela.

They do not convince. Despite these difficulties, some countries are already investigating oil companies. Spain is not among them. The United States, with gasoline at 1,317 euros/liter, has already begun to watch the oil companies last November.

Germany, which offers a subsidy and has lowered the taxes they pay on fuel, investigate since April if the oil companies are taking advantage of the situation to artificially maintain such high prices. At the moment they pay 1,948 euros/litre. In the United Kingdom, with a price of 2,128 euros/litre, the Secretary of State for Business, Energy and Industrial Strategy of the United Kingdom, Kwasi Kwarteng, has also requested that the situation is investigated.

The three euros/liter. With this situation, there are already those who dare to affirm that in the coming months the price of gasoline can reach three euros/litre. From the International Energy Agency They are already warning that Europe may experience a crisis in the supply of diesel, gasoline and kerosene in the coming months, now that summer travel and demand increase.

A bottleneck that confirms Nacho Rabadan, Director of the Spanish Confederation of Service Entrepreneurs (CEEES), who assures that the increase in diesel production that we have experienced in recent weeks will negatively influence the availability of gasoline. “I do not rule out any scenario, we could see prices of 3 euros/litre this summer,” Rabadán estimated.

bad signs. It must be taken into account that, a few months ago, it was estimated that the price of the Brent Barrel could grow up to 150 dollars/unit. Its price influences the final price of fuel, but it is not decisive either. In fact, the first days of March reached 129 dollars/barrel and then we paid gasoline at 1,844 euros/liter, while diesel was paid at 1,817.36, according to the European Union reports.

Guide not to go crazy with the price of gasoline: how help works and where to refuel cheaper

Then, the subsidy of 20 cents/liter was not paid and now, with the Brent Barrel at slightly lower prices, we pay 30 cents/liter more in the case of gasoline. That is, if the price of gasoline has increased by 50 cents/liter with a very similar price of the Brent Barrel.

The oil companies attribute this increase to the continuous inflation that is being experienced as a result of the increase in fuels themselves. These go up, costs increase and we citizens end up paying even more for these increases. On January 1, the Brent Barrel was trading at less than 80 dollars/barrel and then we paid 1,479 euros/liter the price of gasoline. Almost one euro less than at the moment (without the government subsidy). If the price of the same meets the forecasts of 150 dollars/barrel, it is not surprising that this summer we see three euros/liter of gasoline at service stations in our country.

A figure already flies over a good part of the conversations at work, between family and friends: a liter of…

A figure already flies over a good part of the conversations at work, between family and friends: a liter of…

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