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Date Published: 03/03/2023

ARCHIVED - The price of diesel in Spain falls to lowest level in 12 months

ARCHIVED ARTICLE -

Both petrol and diesel costs have plummeted across Spain despite an embargo on Russian oil

<span style='color:#780948'>ARCHIVED</span> - The price of diesel in Spain falls to lowest level in 12 months

The price of unleaded 95 and diesel has dropped once again, allaying fears that the embargo placed on Russian oil imports almost a month ago would hike up the costs.

According to the latest data published by the EU Oil Bulletin, in the last week of February petrol stood at 1.63 euros per litre, just 1.4% more expensive that when Russia invaded Ukraine. Unleaded prices bottomed out at the end of last year when the Spanish government’s 20 cent per litre fuel bonus was still in place but this product has nevertheless experienced a slight 0.2% drop in recent weeks.

See also: Electricity in Spain hits second highest February price ever

The real extraordinary difference is in the price of diesel, which is now at its cheapest since March 14 last year. Today, a litre of diesel costs 1.59 euros, which is a drop of 1.4% compared to last week. This is its fourth week in decline and diesel is comfortably remaining under the price of petrol, something which hasn’t happened since August of 2022.

While the drop is good news for our pockets, the fact that fuel prices are falling even with the Russian embargo signals a bigger problem, since the reduced demand for petrol and diesel is most likely symptomatic of the global economic slowdown.

However, the experts point out that a particularly mild winter has helped, as it allowed large suppliers like the US to stock up on fuel. What’s also eased the pressure is the EU’s decision to find alternative fuel sources, and since last year countries have been increasing their imports from the likes of the Middle East and Asia.

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

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