Average Price Of Petrol In Spain Reaches Highest Level Of 2023

THE average price of fuel has increased again in Spain this week.

According to the EU’s weekly Oil Bulletin data published this Thursday, September 8, a litre of ’95 petrol now stands at €1,731/litre at pumps across the country. Diesel also recorded a new rise this week, going up to €1.622/litre.

This brings the cost of petrol to a new annual maximum since the government scrapped the aid of 20 cents per litre at the start of 2023.

Compared to the last minimum price that was reached during the second week of July, the price of ’95 petrol has risen by 8.8 per cent, while that of diesel has increased by 12.5 per cent.

Filling the fuel tank is still cheaper than this time last year

However, the costs of filling a standard fuel tank are still below those in force at the same time last year. Specifically, Super ’95 is 3.4 per cent lower than in the first week of September 2022, while diesel is 12.5 per cent ​​cheaper.

This year’s progressive rise in fuel prices coincided with one of the busiest road traffic periods of the year, with people making their way home from the summer holidays.

According to data from the DGT, more than 50 million road trips were planned in August alone within the framework of the return operation.

The rise in fuel prices has played a part in the slight rebound in inflation that was registered in August, according to the National Statistics Institute (INE).

It is worth noting that the price of fuel not only affects the pockets of motorists but it also filters down to other products, as it increases the costs of road transport.

An increase in the price of the raw material is one of the main reasons that explain the rise in fuel prices with which they are made, specifically – oil.

A barrel of Brent oil increased in price by 10.5 per cent

Compared to the second week of July, a barrel of Brent – the European reference – has gone up by 10.5 per cent, partly motivated by production cuts by OPEC, the oil cartel.

Forecasts of a slowdown in the world economy – especially in China – are the justification used by oil-producing countries to undertake these cuts. They raise the price by reducing the supply of this raw material in the international markets.