Fuel prices in Spain fall to new annual lows

Fuel prices in Spain have fallen again to new annual lows and return to more affordable prices.

Since late September 2023, prices had dropped significantly, with petrol decreasing by nearly 15% and diesel by more than 13%, ending 2023 at their lowest levels of the year.

Fuel prices in Spain have fallen to new annual lows

Currently, filling up a 55-litre petrol tank costs around €85.25, approximately €10 cheaper than the same time last year, when the cost was €95.20. 

For diesel, the same tank now costs around €78, €11 less than in September 2023 when it was €89.10. 

These lower prices bring fuel costs below what they were before the Russian invasion of Ukraine. On February 22, 2022, diesel was priced at €1.479  per litre and petrol at €1.591 per litre, compared to the current €1.418 per litre of diesel and €1.55 per litre of petrol.

Diesel has been cheaper than petrol for 18 months

Diesel has been cheaper than petrol for 79 consecutive weeks, following its initial increase when diesel became more expensive than petrol from August 2022 until mid-February 2023. 

Since then, petrol has regained its position as the more expensive fuel.

In comparison to other European nations, Spain’s fuel prices remain below the EU and Eurozone averages. 

The price of 95 unleaded petrol in Spain is currently below the EU average of €1.67 per litre and the Eurozone average of €1.716. 

Similarly, diesel in Spain is cheaper than the EU average of €1.547 per litre and the Eurozone average of €1.567.

This price update reflects a recovery from the fluctuations caused by the geopolitical instability, although fuel prices rose at the start of 2024, they remain more affordable than during the peak periods of 2022, offering some relief to consumers across Spain.