Fuel prices fall significantly at the pumps in Spain this week

According to data from the European Union Oil Bulletin, fuel prices have fallen significantly this week in Spain.

According to the latest data published this Thursday, March 23, in the European Union Oil Bulletin, the average fuel prices in Spain have dropped significantly in the last seven days.

Diesel has hit its lowest price since the start of the Ukrainian conflict on February 24, 2022. Petrol has also experienced its second-largest decline so far this year. Specifically, diesel fell by 1.32 per cent in the last week, to stand at €1,571/litre, while a litre of Super 95 has fallen to €1,635.

Thursday’s prices are calculated from the average prices registered at more than 11,400 Spanish service stations between March 14 and 20. Filling an average 50-litre tank of diesel costs €78.55, while petrol would cost €81.75. In the case of filling a 60-litre tank with fuel, it would cost €94.26 and €98.1 euros, respectively.

So far this year, the price of diesel has accumulated a decrease of more than 5 per cent compared to the level at which it closed 2022 when the discount of 20 cents per litre of fuel was still in force.

In early February, experts had expected the sanction on Russian oil imports to trigger a generalised rise in fuel prices – especially for diesel – a rebound that has yet to come. In fact, the greater decrease in the price of diesel compared to petrol is due to the stockpiling of reserves due to the fear of a possible shortage.

The prices recorded in Spain this week are far from the European Union average, which stands at €1.669/litre for diesel and €1.711/litre for petrol.

In the Eurozone, the average stands at €1,700/litre for diesel and €1,763/litre for Super 95. In France, Germany and Italy, these levels are exceeded, with ranges of between €1704 and €1,818 for diesel and between €1,796 and €1,912 for petrol.

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