Average Price Of Fuel Increases In Spain For Fourth Consecutive Week

Image of petrol pumps.

Image of petrol pumps. Credit: Powerlightss/Shutterstock.com

The average price of fuel in Spain continued its upward trend this week, its fourth consecutive rise so far this summer.

According to data published this Thursday, August 3, by the European Union Oil Bulletin, petrol stands at €1.650/litre. That is a rise of 2.16 per cent on last week and the highest price since the week of April 17.

Diesel also increased for the fourth consecutive week, going up by 2.45 per cent to €1.501/litre, again a price not experienced since mid-April.

As a result, the price of both fuels also exceeds the levels at which they stood before the outbreak of the war in Ukraine on February 24. At that point, petrol was €1,594/litre and a litre of diesel was €1.479.

This upward spiral coincides with the height of Summer, with the General Directorate of Traffic (DGT) estimating that more than 49 million trips will be made by motorists throughout this month.

With these latest prices, filling an average tank with 55 litres of diesel currently amounts to about €82.50. That is compared to the same period last year – when the 20 cents per litre discount was in force – when it would have cost €93.10, some €11.50 more.

Diesel has now been cheaper than petrol for 24 weeks

In the case of petrol, the same sized tank would cost around €90.70, almost three euros less than the €93.60 it cost in the same period of 2022. Today’s increase means that diesel has now spent 24 consecutive weeks below the price of petrol. 

This Thursday a barrel of Brent oil – a benchmark in Europe – was trading at $82.60, 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.

Cheaper in Spain than in the surrounding countries

With these current levels, the price of 95 unleaded petrol in Spain remains below the average for the European Union, where it stands at €1.789/litre, and in the Eurozone, at €1.847/litre.

In the case of diesel, the price in Spain is also lower than the EU average, which is €1,641/litre, as well as the Eurozone where it is €1,674/litre.

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Written by

Chris King

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. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com

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