By Chris King • 31 August 2023 • 18:54
Image of petrol pumps.
THE average price of petrol has increased in Spain for the eighth consecutive week.
According to data published this Thursday, August 31, by the Oil Bulletin of the European Union, the price of petrol increased by 0.65 per cent in the last week to stand at €1.721/litre.
Today’s figures place petrol at its highest level so far this year – marking a rise of 8.1 per cent since the start of July – on the same day that many motorists will be making the drive home from their summer holidays.
The General Directorate of Traffic (DGT) predicted that a total of 6.82 million long-distance road trips will take place between today and Sunday, September 3.
Petrol has now reached a similar price to that of November 2022, a time when the government’s subsidy of 20 cents per litre was still in force. If this discount was eliminated then it would mean that today’s price is the highest since July 2022.
Diesel has also risen in price, for the seventh week in a row. With an increase of 0.62 per cent, it now stands at €1.612/litre on average. It last reached this level back in mid-February with the fuel increasing by 12.1 per cent since the beginning of July.
With these current prices, filling an average 55-litre tank with petrol currently amounts to about €94.65, compared to €87.67 at this time last year
In the case of diesel, the same size of tank would cost around €88.66, about €3.9 less than the €92.56 euros it cost in the same period in 2022.
The price of fuel depends on multiple factors. These include its specific price (independent of that of oil), the evolution of crude oil, taxes, the cost of raw materials and logistics, and gross margins. Furthermore, the evolution in the price of crude oil is not directly transferred to fuel prices but does so with a time lag.
A barrel of Brent oil – a reference in Europe – was trading today at €85.36 while the American Texas barrel was trading at around $81.76.
Even with these rising prices, fuel in Spain is still cheaper than the average price in the European Union, where petrol stands at €1.829/litre and at €1.889/litre in the Eurozone.
In the case of diesel, the price in Spain is also lower than the EU average, which is €1,727/litre and €1,764/litre in the Eurozone.
Living in Portugal I can confirm the higher prices. While out and about yesterday, I spotted that many service stations were selling petrol for over €2/litre.
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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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