Fuel in Spain much cheaper again, prices far below European average

by Lorraine Williamson
fuel prices cheaper

Fuel prices are getting cheaper again in Spain. The price of diesel has plummeted to its lowest level since the outbreak of the war and petrol experienced the second biggest drop in 2023. For a litre of diesel in Spain, it fell by 1.3% to €1.571 and that of petrol by 0.55% to €1.635. 

For a fortnight, fuel prices remained stable, but now fuel prices have resumed their downward trend and are cheaper once again. The price of diesel fell 1.32% over the past week to its lowest level since the Russian invasion of Ukraine in late February last year. Meanwhile, petrol experienced the second biggest fall so far this year in recent days.  

A litre of petrol 95 cost €1.635 last week, while diesel cost €1.571, according to data published Thursday in the European Union’s Oil Bulletin. Diesel figures represent a drop from the previous week’s price, when a litre of diesel cost €1.592. The drop is sharper for diesel. The difference between diesel and petrol prices has widened again.  

Average price of 11,400 petrol stations 

Data were published on Thursday showing the average price recorded at more than 11,400 Spanish petrol stations between 14 and 20 March. Refuelling an average 50-litre tank of diesel now costs €78.55, while for petrol it is €81.75. A 60-litre tank requires paying €94.26 and €98.10 at the pump, respectively. 

The diesel price has fallen by more than 5% this year from its level at the end of last year, even with the discount of 20 cents per litre of fuel still in force. The price from the latest oil bulletin is the lowest since the week of the outbreak of war in Ukraine more than a year ago. Back then, the price was €1.496. A litre of petrol cost €1.608, also cheaper than now. 

Sanctions against Russia 

Although more moderate, the fall in petrol prices is the second most pronounced so far in 2023. Only in mid-February was the weekly decline 1.33% higher. That was just after the veto on Russian oil products took effect. Experts had expected the sanction against Russia to trigger a general rise in fuel prices – especially diesel. The sharper fall in diesel prices compared to petrol is due to stockpiling fearing possible shortages. 

Well below European average 

Prices recorded in Spain are far from the European Union average, which is €1.669 per litre for diesel and €1.711 per litre for petrol. In the eurozone, the average is €1.700 per litre for diesel and €1.763 euros per litre for petrol 95. In France, Germany and Italy, prices are even higher, fluctuating between €1.704 and €1.818 for diesel and between €1.796 and €1.912 for petrol. 

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