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Date Published: 10/03/2023

ARCHIVED - Fuel prices in Spain return to normal after a year

ARCHIVED ARTICLE -

A litre of petrol now costs less in Spain than it did 12 months ago

<span style='color:#780948'>ARCHIVED</span> - Fuel prices in Spain return to normal after a year

For the first time since Russia invaded Ukraine, the energy market appears to be returning to normal, at least as far as fuel is concerned. The average price of a litre of petrol in Spain this week has plummeted to 1.632 euros, while diesel has fallen again to reach just 1.589 euros/litre.

This market behaviour shows two important trends: first, that the average cost of fossil fuels has finally stabilised and second, that diesel appears to have permanently returned to being cheaper than petrol.

When the war in Ukraine began, the price of diesel skyrocketed to unprecedented levels and overtook petrol for the first time in years, but it’s now reached its lowest level since 2022 and has been cheaper than unleaded for four consecutive weeks.

Petrol in Spain is now less expensive than it was this time last year but despite the significant drops, diesel is still slightly more expensive.

Specifically, the average price of unleaded is 2.79% lower than the 1.679 euros per litre drivers forked out in March 2022, while a litre of diesel is now 0.5% more expensive in the year-on-year comparison.

Even so, the price at the pumps is a world apart from last summer, when both fuels reached an all-time high in Spain – petrol was at an incredible 2.141 euros per litre while diesel reached 2.1 euros.

The good news for motorists is that the cost of petrol in Spain remains well below the EU average, which is currently sitting at 1.731. And although diesel is more expensive, it too costs less than in other areas of the euro zone (1.726 euros).

Find all the latest motoring and transport news here or join our Driving in Spain Facebook group for regular updates

Image: Freepik

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