Fuel prices finally turned a corner, offering drivers relief as Easter travel swelled with holiday traffic. The current rate sits at its lowest point in a year, with diesel dipping below the prior 20-cent bonus. That favorable pricing is guiding provincial forecasters as the holidays approach, fueling optimism that sales may rebound to pre-pandemic levels.
The surge in fuel costs earlier was driven by the war in Ukraine, EU sanctions on Russia, and bans on oil and derivatives. Prices peaked last June, with gasoline reaching a maximum around 2.120 euros and diesel touching 2.039 euros.
Since then, prices have eased gradually, though with fluctuations. The dip in early 2023 reflects, among other factors, a drop in international refined product prices and slower growth in global economies. As a result, current averages mark the lowest levels since March of the previous year. Gasoline 95 is around 1.633 euros per liter on average, while diesel sits near 1.553 euros. The latest figures also show diesel slipping past the 20-cent discount milestone, whose introduction last April set the price at about 1.852 euros. Gasoline 95 remains just a few cents above the discount, illustrating how the discount was still marginally relevant in recent weeks.
The industry maintains a cautious stance, noting that the discount’s expiration could shave about 10% off consumption. This irregular pattern aligns with consumer behavior as people plan holidays and long travels. The timing is notable, as the dip coincides with Holy Week, yet the sector expects limited changes leading into the peak travel period. Emilio Córcoles, president of the Federation of Mediterranean Gas Station Entrepreneurs, emphasizes the unpredictable nature of fuel markets: global developments can swing prices swiftly, and European decisions reverberate at the local pump. He notes that if Europe remains the price reference, a local Easter in Spain is unlikely to drastically alter demand or prices.
Industry reps also anticipate a surge in tourist traffic throughout the province during the festive season. Many travelers from Alicante and beyond are planning trips, which could help stations recover sales from 2019, prior to the pandemic. As one industry member put it, the journey toward a stronger market has been long, and the hope is to see relief translate into restored volumes and steady demand through the season.