War between Russia and Ukraine, which is why Minister Cingolani’s denunciation was more than justified
During the war between Russia and Ukraine the oil price rose. It’s obvious, of course, but the effects on citizens have been so disruptive and immediate that the minister Roberto Cingolani – not exactly an ultrà or a dangerous troublemaker of peoples – he said bluntly that Italians were victims of a scam unprecedented when they went to the gas station.
Hence the desire to try to clarify: given that the Brent has never exceeded in these dramatic weeks the record of 132.7 dollars a barrel of July 2008, just before the bankruptcy of Lehman Brothers overwhelm the world, because today we pay the distributor over 2 euros (before the cut of 30 cents per liter until April 30) per liter?
According to the data of the PutIn the third quarter of 2008 the average price of gasoline was 1.47 per liter. Obviously, however, it is not possible to simply parameterize 2008 to 2022 without the necessary warnings. Meanwhile, that VAT has gone from 20 to 22%, or just under 3 cents more than it would have been in 2008.
To this we must add a few excise duty: the earthquake emergency in Abruzzo in 2009: 0.0051 euros; financing to culture in 2011: from 0.0071 to 0.0055 euros; there immigrant management after the Libyan crisis of 2011: € 0.04; the flood emergency in Liguria and Tuscany of November 2011: 0.0089 euros; the ‘Save Italy’ Decree of December 2011: 0.082 euros (0.113 on diesel); the earthquake emergency in Emilia in 2012: € 0.024; the financing of the ‘Managers bonus’ and tax reduction for earthquake victims in Abruzzo: € 0.005; the expenses of the ‘Fare decree’ of 2014: 0.0024 euros. The additional excise duties, so, they are worth just under 18 cents.
Finally, there is inflation. Taking 2007 prices as 100, the growth from 2008 to today in prices is about 24%. So, if the Brent price had remained at the highs of the year of the great financial crisis, today a liter of petrol should cost 2.08 eurosbetween VAT increases, inflation and new excise duties.
In reality, before the intervention of the Government, i average prices of petrol pumps for the week of 14 to 20 March (always source Mise) were 2.13 euros per liter. Except that the average price of Brent in the week in question fluctuated between 98 and 108 dollars a barrel.
Translated: a difference between 19 and 25%. And therefore, taking back all the available data, the price of a liter should have fluctuated, updating all the parameters, between 1.56 and 1.68 euros. See that Cingolani was right … Meanwhile, there are increasingly disturbing rumors: according to Les Echos, in fact, the ban al Russian oil it could create a shock in the offer and lead to i barrel prices of oil over fee 200 dollars. At that point it would really be worth dusting off the old bicycle.