Gasoline and diesel prices in Spain have increased by up to 2% just before the start of the first major summer travel operation, taking place from July 4th to 6th. This affects millions of motorists embarking on their holidays. The DGT (Spanish traffic authority) expects a record number of over 100 million trips this summer, making the current price increases particularly noticeable. According to the latest European Union Oil Bulletin, both fuels have reached price levels not seen since April.
Diesel Price Records Third Consecutive Increase
The average diesel price per liter has risen for the third consecutive time, this time by 1.78% to 1.425 euros per liter compared to the previous week. Gasoline has also become 0.8% more expensive, exceeding 1.5 euros per liter. An average 55-liter diesel tank now costs about 78.3 euros, which is still around 3.5 euros less than last year. A comparable tank of gasoline costs approximately 82.5 euros, seven euros less than at the same time last year.
Geopolitical Tensions Influence Oil Prices
The increase in fuel prices is closely linked to tensions between Iran and Israel, which temporarily drove oil prices above 78 dollars per barrel. However, following the implementation of a ceasefire, tensions have somewhat eased, and the Brent crude oil benchmark in Europe has moderated to around 68 dollars per barrel.
Fuel Costs Compared to Previous Year and European Average
Despite recent price increases, diesel and gasoline in Spain are still cheaper than in the same period of 2024 (1% for diesel, 1.3% for gasoline). The Oil Bulletin also shows that unleaded 95 gasoline in Spain is 3% cheaper than the European average, while diesel at national gas stations costs 1.86% less. Fuel prices are not only influenced by the oil price on international markets but also by factors such as specific prices, taxes, raw material and logistics costs, and gross margins. There is also a time lag before fluctuations in oil prices on futures markets are reflected in pump prices.
