Fuel prices continue their downward trend in Spain. The average price per litre fell again this week, after diesel recorded its first drop in three months seven days ago.
Specifically, the price of diesel fell 1.5% from the previous week, to €1.656 per litre. The price of petrol fell 2.3%, to €1.679 per litre, according to data from the European Union’s Petroleum Bulletin, published by Spanish newspaper Europa Press.
Despite this, the price of both fuels remains above the level before the outbreak of Russia’s invasion of Ukraine, which began on 24 February 2022. Back then, diesel cost €1.479 per litre and petrol €1.594 per litre.
Yet, despite a summer of continuous price increases, fuel prices have not yet reached the highs of more than a year ago, in July 2022, when petrol reached €2.141 and diesel €2.1.
How much does refuelling cost?
With current prices, filling up an average 55-litre petrol tank would cost €92.34. That´s almost €7 more than the €85.63 it would have cost at this time in 2022, including the 20 cents per litre discount then in force.
In the case of diesel, filling up an average 55-litre tank costs €91.08. That´s €5.11 less than the €96.19 it would have cost in the same period in 2022, including the rebate.
Because of the escalation of fuel prices due to the energy crisis caused by the war, the minimum discount of 20 cents per litre of fuel was in force for all citizens last year, approved by the government as part of its plan to respond to the consequences of the war in Ukraine.
With this discount, diesel has now been below the price of petrol for 35 weeks in a row. This is the same as before the Russian invasion of Ukraine, which caused the price of diesel to continuously exceed that of petrol from August 2022. That lasted until mid-February this year.
Prices in Spain below European average
The price of fuels depends on many factors, such as their specific price (independent of the oil price), the evolution of crude oil, taxes, the cost of raw materials and logistics and gross margins. Moreover, changes in the price of crude oil are not directly reflected in fuel prices, but with a lag.
With these levels, the price of 95 unleaded petrol in Spain remains below the EU average of €1.766 per litre and the eurozone average of €1.838. For diesel, the price in Spain is also below the EU average of €1.757 and the eurozone average of €1.806.