Average Price Of Fuel Increases Again In Spain But Remains Lower Than The EU And Eurozone

THE average price of fuel in Spain has continued its upward trend this week according to data published by the European Union Oil Bulletin this Thursday, July 20.

Petrol has increased by 0.97 per cent in the last seven days, to stand at €1.602/litre. Similarly, diesel went up in price for the second consecutive week. It now stands at €1.453/litre, after rising by 0.56 per cent.

Despite these new upturns, both fuels remain far from the highs they reached around a year ago. Last July, a litre of petrol reached €2,141, and diesel €2.17/litre.

Filling the fuel tank is cheaper than this time last year

With these prices, filling an average tank of 55-litre with diesel currently amounts to about €79.90, compared to the €97.40 that it cost this time last year. To fill the same tank with petrol costs around €12.50 less than last year’s €100,40, currently costing €88.10.

A barrel of Brent oil – which is used as a reference price in Europe – was trading below $80 today, while the American Texas was trading at around $76.

The price of fuel depends on multiple factors, such as their specific prices (independent of that of oil), the evolution of crude oil, taxes, the cost of raw materials and logistics, and gross margins. Also, the evolution in the price of crude oil is not transferred directly to fuel prices, but rather with a time lag.

With these current levels, the price of 95 unleaded gasoline in Spain still remains below the average for the European Union, which stands at €1.738/litre. In the Eurozone, the average price for a litre is €1.794.

In the case of diesel, the price in Spain is also lower than the EU average, where it is €1,589/litre, with the Eurozone currently standing at an average price of €1,617/litre.