Fuel prices in Spain are skyrocketing

by Lorraine Williamson
fuel prices

MADRID – Fuel prices in Spain have risen for the ninth consecutive week and are now 12.8% higher than at the beginning of the summer. Both petrol and diesel have reached new peaks this week. 

For example, a litre of 95-octane gasoline now has an average price of €1,731, one cent more than last week. Diesel follows the trend and now costs an average of €1,622 per litre, also a cent more than seven days ago. 

The impact on the wallet 

At current prices, filling an average 55-litre tank with petrol now costs around €95, which is €8 more than at this time last year. For diesel this is around €89, still €5 less than the €94 it cost in the same period last year. However, these prices may vary depending on specific discounts at certain gas stations. 

Above pre-war levels in Ukraine 

The price increases are especially notable compared to prices before the outbreak of war in Ukraine due to the Russian invasion on February 24, 2022, when diesel cost €1,479 per litre and petrol €1,594 per litre. Both are now well above these levels, although still below the peaks of summer 2022 when prices exceeded €2 per litre. 

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Comparison with the EU 

Despite rising costs, the price of fuel in Spain remains below the European Union average. A litre of petrol costs an average of €1,835 in the EU and in the Eurozone even €1,898. For diesel, these averages are €1,739 in the EU and €1,779 in the Eurozone. 

Oil prices 

The price of Brent crude, the European standard, was $90.33 per barrel this Thursday, while US oil traded at around $87.17 per barrel. It is important to note that oil prices are one of many factors that influence fuel prices. Other factors include taxes, the cost of raw materials and logistics, and gross margins. Furthermore, there is always a time lag before changes in oil prices are reflected in fuel prices at the pump. 

Also read: At least another year of high food prices is expected in Spain

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