Petrol prices in Spain break historical record for second consecutive week

Image of petrol station pumps. image: creative commons 2.0

Data shows that for the second consecutive week, petrol prices in Spain have broken the historical record.

 

According to data released this Thursday, June 16, by the European Union (EU) Oil Bulletin, petrol prices in Spain have broken the historical record for a second consecutive week. This is despite the discount of 20 cents per lite being in force.

The average petrol price registered at more than 11,400 Spanish service stations between June 7 and 13 was €1,917/litre. This is an increase of 3.7 per cent compared to the previous week, when the record of €1.848/litre was reached.

Diesel meanwhile is quickly catching up with petrol, working out at an average of €1,803/litre, a rise of 5.1 per cent on the week before.

If the mandatory discount established by the Government were excluded, petrol would exceed two euros per litre for the second time in history and would stand at €2,117. For the first time, diesel would set a record price of €2,003/litre.

The inflation of oil prices is being blamed for these constant fuel cost increases. Supply and demand are affecting the global market after the embargo imposed by the EU on imports of Russian crude oil.

To cushion this blow, the Spanish Government has agreed to extend the 20 cents per litre discount for another three months. This concession was due to expire on June 30.

Since the beginning of this year, the forecourt price of petrol has jumped by 30 per cent, while diesel has increased by 34 per cent.

With current prices, filling an average 55-litre tank with petrol would exceed €105, while with diesel it stands at €99. This is equivalent to paying about €24 more than at the beginning of 2022 for petrol, and €25 for diesel.

Thanks to the government bonus, consumers save about €11 euros when filling a tank of this size with whichever fuel they use.

Despite these historically high values, the price of both fuels in Spain – once the discount has been applied – remains below the European average. According to EU statistics, this stands at €2,042/litre for petrol, and €1,981/litre for diesel.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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