Average fuel prices in Spain keep increasing

The latest data show that the average fuel prices in Spain are still on the rise.

According to the latest data from the European Union Oil Bulletin on Thursday, February 2, the average fuel prices in Spain continued increasing this last week. Specifically, a litre of petrol is €1.66, a rise of 1.47 per cent, while diesel stands at €1.70/litre, going up by 0.93 per cent.

Added to these increases, on February 5, the ban on the import of oil products from Russia comes into force, so dangerous curves are predicted by the fuel sector experts. So far this year, petrol has accumulated a rise of 4.9 per cent, compared to 2.6 per cent for diesel.

Both fuels however still remain below the amounts they stood at before the government approved the 20 cents per litre discount. At that point in March 2022, petrol was €1.818/litre, and diesel, at €1.837/litre.

Compared to a year ago, the price of a litre of petrol is 8 per cent more expensive, and that of diesel is 20 per cent higher. Filling an average 50-litre tank costs six euros more with petrol and €14 in the case of diesel, from the same week of 2022.

The price of fuels depends on multiple 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. In addition, the evolution in the price of crude oil is not transferred directly to fuel prices, but rather with a time lag.

At their current levels, the price of 95 unleaded petrol in Spain remains below the average for the European Union, which stands at €1.74/litre, and for the eurozone, with an average price of €1.80/litre.

In the case of diesel, the price in Spain is also lower than the EU average, which is €1.80/litre, and the eurozone, where it stands at €1.83/litre.

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