Petrol prices soar to yearly peak

On the latest count, fuel prices have escalated for the eleventh consecutive occasion, marking a significant upward trajectory.

As of this week commencing Monday, April 1, the European Union’s Petroleum Bulletin, reveals that the average cost for a litre of petrol has reached a notable high of €1.645, the peak since early November, following a 0.61 per cent rise from the previous week.

The numerous factors determining fuel prices include the specific cost of petrol (which is independent on oil prices), the fluctuations in crude oil prices, and the combined impact of taxes, raw materials, logistics, and gross profit margins.

The dynamic between crude oil prices and fuel costs is complicated, often seeing a delay before changes in the former affect the latter.

Yearly comparison and costs to motorists

The climb in petrol prices, a trend also mirrored by diesel, which now stands at €1.541 per litre after two consecutive increases, has pushed the cost of fuelling a standard 55-litre petrol tank to approximately €90.2.

This figure represents a slight increase from last year’s €89.7, despite the previous 20-cent discount per litre.

Diesel tank fills have similarly seen an increase, now costing €84.75, up from €84.15 the previous year.

Spain versus the EU: A price comparison

Interestingly, Spain’s petrol and diesel prices sit below the EU and Eurozone averages. Unleaded 95 petrol in Spain is cheaper than the €1.782 EU average and the €1.834 Eurozone figure.

Diesel, too, follows this trend, with Spanish prices lower than the €1.680 EU average and the €1.707 in the Eurozone.

This shift in fuel prices marks a significant departure from the decreases seen since September last year, which concluded the year at the lowest levels following nearly 15 per cent and 13 per cent drops in petrol and diesel prices, respectively.

Despite the current increases, prices still haven’t reached the peaks of July 2022, when petrol and diesel soared to €2.141 and €2.1, respectively, in the aftermath of the Russian invasion of Ukraine.