Further Relief For Motorists In Spain As Petrol And Diesel Prices Drop Again

THE average price of fuel has fallen again at petrol pumps across Spain this week.

According to the latest data published this Thursday, October 19, by the Oil Bulletin of the European Union, both petrol and diesel have dropped in the last seven days.

Diesel recorded its first decrease in more than three months last week, and this week it continued to fall, standing at €1.656/litre, a drop of 1.5 per cent. Petrol also fell by 2.3 per cent, to stand at €1.679/litre.

With these current prices, filling an average 55-litre tank with petrol would amount to €92.34. That is almost €7 higher than the €85.63 it would have cost at this point in 2022 when the government’s 20-cent discount per litre was still in force.

In the case of diesel, filling an average 55-litre tank would cost around €91.08, which equates to €5.11 less than the €96.19 it cost in the same period of 2022, including the discount.

Multiple factors affect fuel prices

The final price of fuel depends on multiple factors. These include the evolution in the price of crude oil, taxes, the cost of raw materials and logistics, and gross margins.

Furthermore, any rise or fall in the price of crude oil is not directly transferred to fuel prices but it is applied instead with a time lag.

Spain remains cheaper than the EU and the Eurozone

With these current levels, the price of 95 unleaded petrol in Spain remains below the average of the European Union, where it stands at €1,766/litre, and also below the Eurozone, where the average price is €1,838/litre.

In the case of diesel, the current price in Spain is also lower than the EU average of €1,757/litre and that of the Eurozone, where it is €1,806/litre.