Fuel prices in Spain in excess of 15 per cent higher since the government scrapped the discount

Since the government scrapped the discount, fuel prices in Spain are more than 15 per cent higher.

According to the European Union (EU) Oil Bulletin this Thursday, January 19, fuel prices have increased in Spain by an average of 17 per cent for petrol and 15 per cent for diesel, in the last three weeks. This has occurred since the end of the government’s 20 cents per litre discount on fuel.

Fuel prices actually remained pretty stable in the last week, with petrol increasing by 0.19 per cent and diesel falling by 0.18 per cent.

These data are based on average prices collected from more than 11,400 Spanish service stations between January 10 and 16. A litre of petrol went up to an average price of €1.62 in the last seven days, while diesel fell to €1.68/litre.

Compared to one month ago, when the fuel discount was still in force, the price of petrol is currently 16.47 per cent more expensive in the last week, while diesel rose 14.9 per cent. Petrol and diesel increased by 7.8 per cent and 21.8 per cent respectively, in comparison to the same week in 2022.

Despite this rise in fuel prices since the beginning of 2023, the price of petrol and diesel continue to be below the all-time highs.

Specifically, the price of petrol is 16.6 per cent lower than the maximum it set during the week of June 20 last year, when it reached €1.94/litre. Diesel however is currently 11.6 per cent lower than that registered the week of June 27, 2022, when it stood at €1.90/litre.

Both fuels in Spain in the last week were lower than the average registered during the same period in the eurozone and in the EU.

In the eurozone, petrol was 4.8 per cent more expensive, selling at an average of €1.75/litre, while diesel averaged €1.78/litre, some 5.5 per cent higher than in Spain. With regard to the EU, petrol stood at €1.70/litre, which was 8 per cent more than in Spain, and diesel was 7 per cent more, at €1.77/litre.

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