ARCHIVED - Diesel prices explode in Spain, surpassing petrol costs by 15 cents
Experts attribute the incredible price hike to fear of a winter fuel shortage in Spain
People driving diesel cars will be feeling the pinch this week as the cost of this fuel has registered its third consecutive increase since the summer. While petrol prices in Spain have been progressively falling in recent weeks, diesel has jumped by 2.1% to 1.921 euros per litre (before the government’s 20-cent bonus is deducted).
There is now a 15-cent gap between the cost of a litre of petrol and diesel, the biggest difference seen since the invasion of Ukraine imploded the energy market across Europe.
Diesel has traditionally always been below petrol, largely because its taxation is around 10 cents less, but it’s now an incredible 52% more expensive than this time last year. Spain has also overtaken the European average in diesel prices.
With these extortionate costs, it’s hard to believe that fuel isn’t even close to what it was at some of its highest points: back at the end of June, a litre of diesel was priced at 2.141 euros.
On the other hand, drivers of petrol cars are breathing a sigh of relief this week, as unleaded has dropped by 0.83% to 1.779 euros on average.
Why are diesel prices skyrocketing in Spain?
Diesel overtook petrol for the first time ever in April but there are several reasons for the increase, chief among them being fears of a winter shortage. Russia has always been the main exporter and the economic sanctions levied against Putin are affecting its distribution, forcing Europe to turn to other, more competitive, markets.
“The diesel market is already anticipating an increase in demand in winter and that there may be a shortage of supply in the coming months to meet consumption,” sources from the Spanish Association of Petroleum Product Operators (AOP) explained.
The problem is compounded by the fact that the majority of vehicles in Spain are diesel, and so the increased demand is triggering its price hike in Europe.
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Image: Pixabay
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