Fuel prices in Spain at highest level since early May

by Lorraine Williamson
petrol and diesel

Fuel prices continue to rise in Spain. A litre of 95-petrol costs an average of €1.602, almost one cent more than seven days ago. The price of diesel is at €1.453, two cents more than last week. This puts both at their highest levels since early May.  

The price of diesel was below the price of gasoline for 22 weeks. However, despite these new increases, the price of a litre of diesel remains below the €1.479 from before the war in Ukraine over the Russian invasion that began on February 24, 2022. The same is not true for gasoline. Of that, the price is now above €1.594 per litre as it was at that time. Althought, prices are nowhere near those of a year ago, when gasoline and diesel cost more than two euros per litre.  

Prices below European average 

Taking these levels into account, the price of unleaded 95-petrol in Spain also remains below the European Union (EU) average, at €1.738 per liter, and below the Eurozone average, which has an average price of €1.794. Furthermore, for diesel, the price in Spain is also below the EU average, which is €1.589, and below the eurozone average, where it is €1.617.  

Baycrest Wealth

Comparing prices 

With these prices, filling up an average 55-litre tank of diesel costs €79.9. That is some €17.5 more than last year, including the discount of 20 cents per litre which was in effect a year ago. Gasoline costs about €88.1, almost €12.5 less than the €100.4 in the same period in 2022. On this map you can see where you can fill up cheapest in Spain. 

Oil price 

However, it should be noted that the price of fuels depends on several factors, such as their specific price (independent of that of oil), 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. On Thursday, Brent crude – the benchmark in Europe – quoted below $80, while US Texas crude was around $76. 


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