Petrol and diesel prices at lowest level since October and February

by Lorraine Williamson
petrol and diesel at lowest prices

Petrol and diesel prices fell again in Spain last week. They recorded the lowest price since October and February respectively. Now the suspense is on whether the Spanish government will decide in the coming days whether to extend the 20 cents per litre discount. This has applied to all consumers since April, and is set to end at the end of this month. 

According to data published Thursday by the European Union (EU) Oil Bulletin, indicating the average price recorded at more than 11,400 Spanish petrol stations between 29 November and 5 December, the price of both fuels after applying the discount was €1.488 for petrol and €1.563 for diesel, respectively. 

That means petrol costs have fallen by 2.8% over the past seven days. Diesel is 3.6% cheaper than a week ago. 

How long will the fall in diesel and petrol prices continue? 

Petrol prices fell for the third week in a row. This placed them at their lowest level since the first week of October last week. Diesel has continued its downward trend for six weeks. Diesel prices have not been this low since February, before the Russian invasion of Ukraine began. 

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Countdown to end bonus  

The continued fall in both fuels is taking place just a few weeks before the end of the price subsidy. It has been in place since April and is in force until the end of the year. The subsidy was introduced to alleviate the effects of the war in Ukraine. The Spanish government is considering extending this concession, however, to certain groups only. 

If current prices are compared with those of both fuels at the beginning of the year, petrol is only 0.6% more expensive than then, while the price of diesel is 16% higher. 

Nevertheless, the prices are still far below their historical highs – 23.3% and 17.7% respectively – recorded last June at the height of price escalation due to the Russia-initiated conflict. 

At current prices, filling an average 55-litre tank of petrol costs around €82 euros, compared to almost €86 euros for diesel. This means you pay exactly the same for petrol as in the same week last year, but €12 more for diesel. 

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