By Chris King •
Updated: 19 May 2023 • 0:14
Image of petrol pumps.
According to the latest data published this Thursday, May 18, by the European Union Oil Bulletin, the average price of fuel in Spain has maintained its downward trend.
Petrol and diesel this week stand at prices lower than they were before the start of the conflict in Ukraine. For the ninth consecutive week, diesel dropped in price, this time by 1.53 per cent, to currently stand at €1,411/litre.
This price is lower than at the end of 2022 when the government scrapped the 20 cents per litre fuel discount.
Similarly, petrol prices fell by 1.25 per cent, to €1,579/litre, for the fourth week in a row. That is its lowest level since the middle of February last year.
When the war broke out in Ukraine on February 24, 2022, a litre of petrol cost on average, €1,592/litre. That is 0.81 per cent more than this week’s price at pumps across Spain. On that same date, diesel was 4.6 per cent higher, at €1,479/litre.
Today’s data consolidate diesel at a lower price than petrol for the 14th consecutive week.
A barrel of Brent oil – which is used as a reference in Europe – was trading at $76 today, while barrels of American Texas oil were trading at around $72.40.
Fuel prices are dependent on multiple factors. These include the evolution of crude oil, taxes, the cost of raw materials and logistics, and gross margins. Increases in the cost of crude oil are not transferred directly to fuel prices, but rather with a time delay.
Compared to the average price of unleaded 95 petrol in the European Union, Spain has a lower cost at the pumps. It currently stands at €1.703/litre, while in the eurozone, it is €1.754/litre.
Diesel prices in the EU stand at an average of €1,535/litre, and in the eurozone, at €1,563/litre, also higher than Spain, according to abc.es.
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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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