Chance aimed to help drivers enjoy the festive macro bridge savings as fuel prices reached their lowest point since February. A gradual fall since the summer has brought gasoline to 1.686 euros per liter and diesel to 1.758 euros. Although these rates remain higher than before the Ukraine conflict began, they sit below the government’s 20-cent bonus. Gas stations are asking the government to confirm whether this reduction will continue on December 31, exactly when Western limits on Russian oil threaten to push prices higher again.
The coronavirus crisis produced a low of 1.091 euros for gasoline and 0.987 euros for diesel in May 2020, when roads were empty and the health emergency was at its peak. Prices began a slow climb afterward, with small fluctuations along the way. The situation intensified after the Russian invasion of Ukraine, with the rate of increase multiplying sharply. On February 24, the day the war began, gasoline stood at 1.61 euros and diesel at 1.494 euros. By June, prices hit the peak for the period with 2.120 euros for gasoline and 2.134 euros for diesel.
Later, the market began to loosen as oil production recovered after the pandemic. Prices eased in a gradual decline that continues to the present, reaching the lowest levels seen since February. This decline coincided with the festive bridges and the Immaculate Conception holiday, allowing drivers to plan trips without draining their wallets. While pre-war levels have not fully returned, filling a 50-liter tank costs 67.44 euros today. A 20-cent government bonus previously reduced payments to 84.80 euros in June when the incentive was in effect.
Since the war began, the pace of price increases in fuels has tripled, creating an uncertain outlook for the near term. The key question now is whether the discount will persist beyond December 31, the current expiry date, and whether it will be maintained on the same terms. The gas station sector has asked the government to clarify its course to prevent the April disruptions from recurring when the measure was first introduced. José Luis Tort, head of the Mediterranean Federation of Gas Station Entrepreneurs by Fedmes, recalled that operators were not consulted on implementation and faced only 40 hours to make changes, which caused chaos and even forced some stations to close temporarily. The sector sees a tax deduction as more appropriate than a temporary bonus, but the immediate concern is to understand the government’s planned actions.
International market dynamics also threaten to push prices higher again. The price cap on seaborne Russian crude, set at sixty dollars by a coalition of Western nations, could have unforeseen consequences as Russia hints at restricting supplies to Europe.