The unstoppable rise in the price of petrol and fuels also has an impact on the rise in inflation, which is 8.7 per cent in May. Approximately half of petrol stations in Spain have the price of petrol at more than two euros a liter, a historic record.
Another peak was reached in the economic crisis, in 2008, when the price of brent barrel cost 143.95 dollars, but the price of petrol did not escalate until now: 1.26 euros per liter.
But why is the price of petrol now more expensive? The price of brent barrel is paid in dollars and is now stronger. It is also due, as explained by Juan Carlos Higueras, professor of EAE Business School to the “increases in excise duties on hydrocarbons, plus the effect of VAT on a higher tax base, plus the increase in the costs of refining and distribution”.
The price of petrol is now paid, on average, at 2.05 euros per liter, 25% more than when the war began in Ukraine, which was at 1.61 euros/liter.