This 2023, many things are changing at Spanish gas stations. On the one hand, on January 1, 2023, the discount of 20 cents on fuel for individuals disappeared, although the Government maintains the bonus for carriers and professional drivers. And on the other hand, As of February 5, the import of any petroleum product from Russia is prohibited.
What will happen to the price of gasoline?
Although no consequences are expected in the short term, in the medium and long term there could be tensions in prices due to shortages in some country. The ban, adopted by the European Union, falls within the Sanctions on Russia over the Ukraine warand comes after Russian oil was banned in December.
Gas stations are already warned of the situation. The experts call for calm because the ban will not immediately affect the price of fuel since there are reservations for several months. However, as these run out, it is almost certain that the measure will be harmful to the pocket of consumers.
It should be noted that currently almost 50% of the diesel fuel that reaches Europe comes from Russia, with almost 600,000 barrels of crude oil per day. Despite the increase in flows from the Middle East, the diesel market was already tense before the total ban on importing any Russian oil product, including derivatives.
To try to protect itself, Europe has spent months buying large quantities from other Asian producers such as Saudi Arabia, United Arab Emirates or India.
The situation is expected to worsen and become more complex from February 5. Predictably, the United States will become the largest oil producer in the worldalong with Brazil, Guyana and Canada.
Spain is one of the countries with book prices, where the price paid to fill the tank of the vehicle is established based on three variables set by the markets: price of the country’s currency (euro) against the currency in which crude oil and derivative products are quoted (dollar), international price of products and international price of crude oil. In addition to these three variables, there are other parameters that come into play: market volatility, taxes, and energy prices.
In short, the most foreseeable thing is that in the coming months the price of fuel rises considerably in the countries of the European Unionincluding Spain.
