Record fuel prices approaching

Joan Collins PETROL is approaching record prices in the Balearics and diesel (DERV) is reaching an unprecedented price, now approaching one euro a litre. Balearic Service Station owners fear sharp rises will be unavoidable in summer because of the high demand. At the start of this week the price of unleaded grades 95 and 98 were almost at the same level as in September 2005. However, diesel has risen to historic levels of around one euro a litre in many service stations on the islands. According to figures published by the national Ministry of Industry, Tourism and Commerce, the average price of grade 95 unleaded petrol in the Balearics is 1.072 euros, as opposed to the 0.92 euros it cost 12 months ago, but below the national average of 1.081 euros. Nevertheless, in some service stations on the islands it does cost 1.081 euros a litre, very close to the 1.11 euros which it cost in September 2005. The minimum price for unleaded petrol in the Balearics is 1.065 euros. In the case of grade 98 unleaded, the average price in the islands is 1.182 euros, compared with 1.004 euros in April 2005, but below the national average of 1.192 which is only slightly below the 1.22 euros which it costs in September 2005. Diesel is continuing its upward trend which it started at the beginning of this year and in some service stations on the islands is now 0.993 euros (a record price), approaching the 1.097 euros charged by some service stations on the Peninsula. However, in the Balearics the average price of this fuel is 0.982 euros, similar to the national average of 0.989 euros. From the beginning of this month, no service station on the islands has charged less than one euro for unleaded (grade 95). As of yesterday, the cheapest price for this petrol is to be found in three CEPSA service stations in Alaior (1.065 euros), and others belonging to the same company in Bunyola, Campanet, Ferreries, Mahon, Manacor, Petra, Pollensa, and Vilafranca de Bonany (1.067 euros). The cheapest prices for unleaded grade 98 are to be found in four service stations on Ibiza (1.165 euros). The maximum price on the islands at the moment is 1.187 euros. These recent price rises are due mainly to the sharp rises in the price of a barrel of crude oil in the last few weeks, reaching historic levels, according to the Association of Balearic Service Station owners, who fear that with the high demand in summer the prices will rise even higher than the present levels.