The current average fuel price in Spain shows signs of stabilization after a period of decline, with gasoline priced at 1.583 euros per liter and diesel at 1.66 euros per liter. This marks increases of 1.15% for gasoline and 1.03% for diesel compared with the previous week.
Spain has seen the first uptick in the overall gasoline price since mid November, while diesel rose for the first time since late October. After six straight weeks of falls and nine weeks of declines for diesel, these movements align with the latest data from the European Union Oil Bulletin as compiled by Europa Press.
The rise in fuel prices comes just a week after the government eliminated the 20 cent per liter fuel bonus for most consumers, maintaining it only for certain professional groups such as transport operators, farmers, shipping companies, and fishermen. This change has influenced the price gap between the two fuels, which this week sits at about eight cents in favor of diesel. Gasoline has now shown a price advantage to diesel for 21 weeks in a row.
Despite the current increases, prices for both fuels remain well below the peaks observed this past summer when gasoline topped about 2.141 euros per liter and diesel reached around 2.1 euros per liter.
Moreover, the market continues to report gasoline and diesel prices that are below the levels seen before the extension of the 20 cent per liter aid that the government approved at the end of March. In the meantime, the two fuels stay under the provisional thresholds of 1,818 euros for gasoline and 1,837 euros for diesel as the aid transitions into effect.
6.95% and 23.88% more expensive than a year ago
The cost of one liter of gasoline is 6.95% higher than a year ago while diesel shows a year over year increase of 23.88%.
These shifts come in a context of higher overall crude oil prices and continuing geopolitical tensions. The Brent benchmark in Europe hovered near 80 dollars a barrel this week, and in the United States, the Texas crude hovered around 74.7 dollars per barrel. Price dynamics are influenced by a variety of factors, including the domestic price structure for fuels, changes in crude oil markets, taxation, the cost of raw materials and logistics, and gross margins. Movements in crude oil prices do not translate instantaneously into fuel prices; there is typically a lag before price transmission becomes visible in consumer prices.
EU average
Current observations show that the price of unleaded gasoline, rated at 95 octane and excluding subsidies, remains below the European Union average of 1.672 euros per liter. In Spain, the gasoline price sits under this EU average, and even below the broader euro area average of 1.715 euros per liter. When looking at diesel, Spain also remains under the EU average of 1.759 euros per liter and the eurozone average of 1.778 euros per liter, reflecting a comparatively favorable positioning for Spanish consumers relative to many other European markets.
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