By Chris King • 31 March 2023 • 1:55
Image of petrol pumps.
Credit: Powerlightss Shutterstock.com
According to the European Union (EU) Oil Bulletin published on Thursday, March 30, for the week of 21-27 March, average fuel prices in Spain have recorded their second consecutive fall.
A litre of petrol currently stands at €1.627, which is 0.48 per cent lower than the previous week when it cost €1.635/litre. Diesel has also fallen by 1.65 per cent, from last week’s €1.571/litre to €1.545/litre, marking its lowest level since the end of February 2022.
These prices are much lower than those recorded a year ago when petrol cost €1.818/litre of petrol and diesel was €1.837/litre. However, this comparison is misleading, since at the end of February and mid-March fuel prices experienced a meteoric rise due to the outbreak of the war in Ukraine, so they were already far from their normal levels.
With the current prices, filling up a 55-litre tank of petrol costs €89.48, compared to €99.99 a year ago, when it cost €10.51 less. Similarly, a tank of diesel costs €84.97, which is €16.06 less than in the same period in 2022, when it was €101.03.
According to industry sources, the decline in the price of diesel compared to petrol is the result of a greater stockpiling of this fuel in the face of fears of a greater shortage in Europe due to the veto on Russian diesel.
The average price of petrol and diesel in Spain is below the average for the eurozone, where the retail price of a litre of petrol is €1.769/litre and that of diesel is €1.692/litre. Likewise, the price of petrol in Spain is also lower than the EU average of €1.719/litre and the same is true for diesel, which in the last week registered an average cost of €1.659 in EU countries.
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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.
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