Friday, 19 July 2013

Petrol and diesel prices up by almost 2% in a week

Fuel prices in Gibraltar remain lower
SPAIN As usual, the summer holidays bring with it an increase in prices at the pump. Petrol is up to €1.45/litre, and diesel, €1.36, according to the EC's Oil Bulletin. This has been so since the beginning of July - yes, the beginning of the holidays in Spain (and many other countries in Europe), when some 80 million vehicles are expected to begin their annual peregrination, plus a larger influx of tourists is expected. Fuel prices have gone up by 2.3% since July 1, and by 3.4% for the same week last year, despite the fact that Brent oil prices are showing signs of stabilisation. Prices in the rest of Europe>>>
remain about the same, though.

Nevertheless,  prices in Spain are still below the European average, which puts petrol at €1.585/litre, and at €1.627 in the EuroZone. Diesel fuel averages out at €1.44/litre and at €1.431 in the EuroZone.

The reason for the cheaper price on Spain is that although VAT went up to 21% last year and there are additional regional taxes as well as those on biodiesel fuel, there is 'less fiscal pressure' on petrol.

Prices in Gibraltar, according to one website this morning, in euros and litres:

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