Repsol CEO warns that diesel prices in Spain could keep on increasing

The price of diesel could keep increasing in Spain according to Josu Jon Imaz, the CEO of Repsol.

Josu Jon Imaz, the CEO of Repsol, today, Friday, November 4, warned that the price of diesel could continue to increase due to the ongoing conflict in Ukraine.

“If it continues, unfortunately, in social, economic, and political terms, with the current geopolitical tensions in Europe, it seems to me that these very open diesel cracks are going to stay”, he stressed.

Imaz continued: “It seems to me that there is room to see higher diesel prices in the coming months due to the lack of a political agreement on the invasion of Ukraine and the Russian conflict. These are agreements that are not expected in the short term”.

The future is looking increasingly bleak for diesel vehicles. The EU has already set a date for their commercial death, along with those running on petrol. An agreement was reached to reduce the CO2 emitted by cars and vans by 100 per cent in 2035. That means an effective ban on the sale of petrol and diesel vehicles with internal combustion engines.

Diesel prices have been hovering around the €2 mark for many weeks now. A litre of diesel in October was 24 per cent higher than in the corresponding month of 2021.

Sales of diesel vehicles are declining in Spain. Between January and September of this year, 42.8 per cent of sales in the country corresponded to petrol models, 17.5 per cent to diesel and 39.7 per cent to vehicles with other technologies, as reported by lasprovincias.es.

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