Petrol prices hit new all-time high following a four year rise

The average price of petrol has reached a new all-time high this week and has once again surpassed that of diesel, after almost two months in which the latter fuel had been more expensive as a result of the energy crisis caused by the war in Ukraine.

Despite this rise in the cost of petrol, the prices paid by consumers at the pump do not reach this record because of the 20 cents per litre bonus approved by the government, which has been in force since 1 April, as reported by 20minutos.

The average price of a litre of petrol has reached an all-time high of €1.897, after an increase of 1.01 per cent, according to data from the European Union (EU) Oil Bulletin.

In the case of diesel, this week recorded a 1.25 per cent drop in its average price, to €1.887 per litre.

These average prices do not include the bonus of at least 20 cents per litre provided for in the Government’s plan and with this discount the average price would stand at €1.697 per litre in the case of petrol and €1.687 for diesel, although these figures vary because there are higher bonuses depending on the oil company.

Compared to a year ago, the average price per litre of petrol has risen by 40.5 per cent, while in the case of diesel it is 56.2 per cent more expensive, without taking into account the Executive’s discounts.

At these levels, the price of 95 unleaded petrol in Spain is below the EU average of €1.940 per litre, and below the Eurozone average of €2.008 . However, in the case of diesel, the price in Spain is higher than the EU average, which is €1.877 although it is below that of the euro zone, with a price of €1.922 

The lower final price level compared to neighbouring countries is due to the fact that Spain, despite VAT, higher taxes and biodiesel levies, continues to have a lower tax burden, in general, than the EU average.

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