a liter is already paid on average at 1.46 €.

a liter is already paid on average at 1.46 €.

The fall in the price of oil is positively affecting the price drivers pay for fuel for their cars. Far from the $100 that experts were predicting for a barrel of Brent, the current cost of crude oil is plummeting – just yesterday it lost 4% of its value on the futures markets – and is now being paid at 72 dollarsa figure close to the lows of March 20, shortly after the outbreak of the war in Ukraine, which sent energy prices soaring.

The pumps have been noticing this reduction for several weeks now, especially in the prices of the dieselThe price of diesel continues to fall: in the last week it added another downward step of 2.14% and set a new annual low, down to 1.464 euros, according to data published on Thursday by the European Union (EU) Oil Bulletin.

The price of super-95 falls by 1.16% to 1.622 euros and continues for the twelfth week in a row above diesel, after several months of being cheaper because the invasion of Ukraine (and the vetoes on Russian crude oil) caused a shortage of diesel in the market that raised prices due to the difficulties in meeting demand.

Diesel is down 0.65% this week, while gasoline is up 0.61%.

The fact is that both gasoline and diesel are still below the price they had before the government approved the 20 cent aid.s to fuels in its anti-war shock plan: 1.818 euros in the case of gasoline and 1.837 euros for diesel. An aid that relieved the pocket of the Spaniards since the end of March 2022 and ended at the beginning of the year after nine months in force (except for transporters, farmers and fishermen).

How long will the fall in pump prices continue? Analysts link it to the price of oil, which may continue to plummet in view of the prediction that the United States will continue to cool its economy -something that will be intensified by the new rate hike announced yesterday, Wednesday, by the Federal Reserve- and therefore, the demand for crude oil by its citizens and companies. The same is expected for Brent crude – the North Sea crude that serves as a reference in Europe – due to the expectation that the European Central Bank (ECB) will follow the Fed’s line this Thursday and lower rates again in order to temper inflation.

Kayleigh Williams