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Date Published: 23/07/2021

ARCHIVED - The price of fuel in Spain 21 per cent higher than a year ago

ARCHIVED ARTICLE

Although petrol and diesel prices in Spain continue to climb, they are still cheaper than the rest of Europe

<span style='color:#780948'>ARCHIVED</span> - The price of fuel in Spain 21 per cent higher than a year ago

The price of petrol and diesel in Spain has continued its upward trajectory this week in Spain, jumping 0.57 per cent in just one week to reach a new annual high making fuel 21 per cent more expensive than it was a year ago.

As is often the case, petrol has seen the most significant rise and now costs an average of €1.408 per litre, its most expensive period since September 2014 according to the European Union Oil Bulletin. On the other hand, a litre of diesel now costs around €1.267, representing a jump of 0.39 per cent to levels not seen since November 2018.

Fuel prices naturally dropped throughout Spain last year with the onset of the coronavirus pandemic and the mandatory confinements which followed, so that in 2020, petrol was 21 per cent cheaper and diesel 19.5 per cent than today.

Despite the sharp increase which every driver in Spain is feeling in their pockets, Spain still falls below the EU average for fuel prices, with petrol costing an average of €1.540 and diesel €1.370. As restrictions ease worldwide, the overall cost of fuel has gone up and will most likely continue to rise for some time, as the price of oil begins to recover. A barrel of Brent quality oil, the European benchmark, was trading at $72.59 per barrel on Thursday, while US Texas was around $70.72, still around two dollars less than a week ago.

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