Average Fuel Prices In Spain Hit The Highest Levels Of 2023 In The Middle Of Summer

THE average price of fuel in Spain is not giving motorists a break in the middle of August with both petrol and diesel increasing for the fifth consecutive week.

According to the European Union Oil Bulletin published this Thursday, August 10, a litre of petrol costs an average of €1.68 this week. That is a rise of 1.8 per cent compared to last week’s data. As a result, filling an average 55-litre fuel tank will cost €92.40.

Today’s price makes it the most expensive so far this year. To see similar levels, we need to go back to the penultimate week of 2022 when the price stood at €1,688/litre.

In the same week of 2022, a litre of petrol stood at €1.860. However, after applying the 20-cent discount that was in force from the government at the time, the price fell to €1.66/litre, lower than today’s cost.

Diesel has been cheaper than petrol for 25 consecutive weeks

Diesel closed the week at an average of €1.55/litre, which means that filling a 55-litre tank will cost around 85.25. At the same point last year, the price per litre stood at €1,654, once the bonus was applied, which would have incurred a cost of €90.97 to fill the tank, €5.70 more than today.

After this latest increase, the price of diesel has been lower than that of petrol for 25 consecutive weeks in Spain.

It must be taken into account that the price of fuel depends on several factors. These include its specific price, taxes, and the costs of raw materials and logistics.

The evolution of the price of oil is also decisive. Although this is not transferred directly – it does so with a certain time lag – the price of a barrel of Brent, a reference in Europe, has been hovering around $87 for several days. One month ago it barely exceeded $77.

Spain is still cheaper than the EU and the Eurozone

Even with these higher levels, the price of unleaded 95 petrol in Spain remains below the average for the European Union, which stands at €1.801/litre. In the Eurozone, the average is €1.861/litre.

In the case of diesel, the average price of a litre in Spain is also lower than the EU average, which is €1,689, as well as in the Eurozone, where it stands at €1,725 /litre.