Fuel prices in Spain fall again to new annual lows

The price of fuel in Spain has fallen for another week and is once again at a record low. This is the case with diesel, which falls to its lowest figure for 2024 at 1.424 euros per litre. Petrol is at the same level as in February, reaching 1.437 euros per litre after the end of the summer holidays.

This is shown by data from the European Union Oil Bulletin, which records the seventh consecutive fall in the price of diesel, marking its lowest level since the beginning of June 2023. With this drop, diesel accumulates an annual decrease of 5.6 per cent, while petrol is four tenths of a percentage point lower (5.4 per cent).

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The average price of both fuels started 2024 registering their first increases in three months, after accumulating one decrease after another since the end of September 2023, which led it to end last year at the lowest levels of the year, with a reduction of almost 15 per cent in the case of petrol and more than 13 per cent for diesel.

Following this downward spiral, filling up an average 55-litre tank of petrol costs around 85.25 euros, some ten euros less than at the same time last year, when it was around 95.20 euros.

For diesels, filling up an average tank (55 litres) currently costs around 78 euros, around 11 euros less than in the same week in September 2023, when the price was 89.10 euros.

This weekly update brings these prices below the levels that were set at petrol stations before the Russian invasion of Ukraine. At that time, on 24 February 2022, diesel reached 1.479 euros per litre and petrol 1.591 euros.

Diesel has now been below the price of petrol for 79 weeks. This remains the same as before the Russian invasion of Ukraine, which caused the price of diesel to be more expensive than petrol continuously from August 2022 until mid-February 2023, when the dynamic was broken.

At these levels, the price of 95 unleaded petrol in Spain remains below the EU average of 1.67 euros per litre and the Eurozone average of 1.716 euros.

In the case of diesel, the price in Spain is also lower than the EU average, which is 1.547 euros, and the eurozone, where the price is 1.567 euros.