Average price of fuel at the pumps in Spain drops for the first time in 2023

For the first time in 2023, the average price of fuel has fallen at the pumps in Spain.

According to the latest data from the European Union Oil Bulletin this Thursday, February 9, the average price of fuel in Spain dropped for the first time this year. Specifically, petrol dropped by 0.33 per cent to €1.65/litre and diesel by 1.5 per cent to stand at €1.68/litre.

Since the beginning of 2023 – after the government discount of 20 cents was stopped – petrol has accumulated a rise of 4.5 per cent, compared to a 1 per cent rise for diesel. However, even with these price levels, both fuels remain far from the highs they reached last summer when in July petrol reached €2.141, and diesel hit €2.10.

These figures are recorded in an environment of high crude oil prices in the current context, marked by the war in Ukraine. This Thursday a barrel of Brent – a reference in Europe – was trading at around $85, while the American Texas was trading at around $79.

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.

With these levels, the price of 95 unleaded petrol in Spain remains below the average for the European Union, located at €1.73/litre, and at €1.78/litre in the eurozone.

In the case of diesel, the price in Spain is also lower than the EU average, which is 1.76/litre, and also in the eurozone, where it stands at €1.79/litre.

___________________________________________________________

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.