Average fuel prices continued to climb for a sixth consecutive week, rising by 10.3% so far this summer and pushing gasoline to its highest levels recorded in 2023.
The latest uptick appeared within a single week and coincided with a major August bridge operation handled by traffic authorities. Officials estimate roughly 8.5 million road journeys during this period.
Gasoline itself moved up another 0.71% this week. Even with a government subsidy of about 20 cents per liter tied to the energy crisis sparked by the war in Ukraine, prices reached their peak since late November, averaging 1.692 euros per liter compared with the previous week.
Filling the tank with gasoline is already more expensive than last summer, but diesel is cheaper
The price level of 1.692 euros per liter marks a 6.28% increase from early July levels.
Average diesel prices also continued their sixth straight weekly rise, according to the EU Oil Bulletin data compiled by Europa Press. Diesel averaged around 1.586 euros per liter, up 2.19%, a level not seen since mid-March of the previous year.
Since the start of July, a renewed price surge has driven the average diesel price up by about 10.3%.
Tourism, food and fuel increase inflation to 2.3% in July
With these gains, fuel costs remain well above levels seen before the energy crisis and the war in Ukraine began on February 24, 2022, when diesel and gasoline reached significant highs of around 1,479 euros and 1,594 euros per liter, respectively.
While both fuels remain elevated, they are far from the peaks hit more than a year ago. In July, gasoline touched approximately 2,141 euros per liter and diesel about 2.1 euros per liter at their highs.
Filling the tank is 5.23 euros more expensive for petrol
A typical 55-liter diesel tank now costs about 87.33 euros, versus 88.33 euros in the prior period, roughly 1.1 euros less than a year ago when a 20-cent-per-liter subsidy was in effect as part of government relief against Ukraine-related energy pressures.
For gasoline, filling a 55-liter tank runs around 93.06 euros, about 5.23 euros higher than the 87.83 euros recorded this time in 2022.
Last year, amid rising energy prices, a subsidy of at least 20 cents per liter supported fuel affordability for residents as part of a broader response to the war in Ukraine.
Diesel prices have, for weeks, remained below gasoline by about 26 weeks in a row. Since August 2022 and through mid-February this year, this pattern persisted, reflecting pre-war pricing dynamics for diesel relative to gasoline.
In this context, on Thursday in Europe, Brent crude traded around $83.77 per barrel, with U.S. benchmark Texas crude around $79.69.
Fuel costs are influenced by multiple factors, including base oil prices, crude oil movements, taxes, raw material costs, logistics, and margins. Crude price movements do not always transfer directly to fuel prices, and when they do, the transmission can be delayed.
Cheaper in Spain than in the surrounding area
The price of 95% unleaded gasoline in Spain sits below the European Union average. The EU average for the eurozone is about 1,874 euros per liter, with Spain near 1,813 euros.
Similarly, diesel in Spain remains below the EU and eurozone averages, which hover around 1,715 euros and 1,759 euros per liter respectively.