Fuel prices have been rising steadily since the start of the year, a trend that continues as Easter approaches and people expect to travel more by car during the holiday period. Gasoline has climbed about 5 percent, and diesel about 4 percent, reaching the highest levels seen since late 2023. The outlook suggests prices may stay elevated in the coming weeks, given that crude oil is on an upward trajectory as well.
In September, gasoline and diesel prices reached their yearly peaks, with gasoline at 1.76 euros per liter and diesel at 1.67. From there, prices fell through December, ending the year at 1.56 and 1.49 euros respectively. The start of 2024 broke this downward trend, as January brought a steady rise in prices that has continued to the present.
Currently, data from the Diesel or Gasoline geoportal show that the average price at Alicante province service stations is 1.63 euros per liter for gasoline 95 and 1.53 euros for diesel. As a result, filling a 50-liter gasoline tank costs 81.7 euros now, up from 78 at the start of the year, while a diesel fill costs 76.7 euros versus 73.9 in January.
So, what lies ahead in the next few weeks? The oil barrel rose again recently to 85 dollars, the highest since November of last year, after the International Energy Agency announced a slight deficit in the market following a higher forecast for world oil consumption. The agency estimates crude consumption will rise by 110,000 barrels a day to 1.3 million, a revision based in part on increased maritime fuel demand due to longer shipping routes around the Cape of Good Hope amid disruptions in Red Sea trade routes.
Thus, in this context, it seems normal for fuel prices to stay high in the near term. This view comes from Emilio Córcoles, president of the Alicante Provincial Association of Service Station Operators, who notes that price levels point to a persistent trend ahead of Easter. He adds that higher fuel costs do not benefit gas stations; when prices stay high, drivers shift away from car travel and seek alternatives such as buses or trains.
Convenio
Workers and regional employers in the sector have reached an agreement on the sector’s agreement, with a 3 percent salary increase for this year and back pay. For upcoming years, increases will be tied to the evolution of the consumer price index.
La moderación del coste de los alimentos rebaja la inflación
The moderation in food prices has been a key factor behind the February inflation drop in Alicante, with the rate at 2.9 percent according to the National Statistics Institute. This marks the first time in six months that the annual rate has fallen below 3 percent, driven by an eight-tenth decline. Food inflation stands at 5 percent year over year.