In a summer that many might consider the most expensive in history, there is welcome news for all drivers: refueling in Spain has become noticeably cheaper in mid-August. The current prices for petrol and diesel are not just a snapshot in time but mark the lowest point since the turbulent months of 2022.
A Historic Price Decline Compared to Record Highs
According to the latest European Union (EU) Oil Bulletin, fuel prices fell slightly again last week by 0.2%. But the real benefit for consumers is evident in the year-on-year comparison: a full tank of petrol can be up to €6.40 cheaper today than it was a year ago.
Even more impressive is the comparison with the extreme highs of June 2022, triggered by uncertainties following the Russian invasion of Ukraine. Back then, despite a government discount of 20 cents per litre, the price of a litre of petrol climbed to €1.941 and diesel to €1.90. Today, these nightmare scenarios are a distant memory:
- Petrol has fallen by 23.4% since that peak.
- Diesel has seen an even steeper decline of 24.6%.
Even the record prices of July 2022, when petrol reached €2.141 per litre and diesel climbed to €2.10, are now just a distant memory.
What Does a Full Tank Currently Cost in Spain?
The savings become clear when comparing prices directly at the pump. Filling an average 55-litre tank currently costs the following:
- Diesel vehicles: A full tank now costs around €78.76. This is about €2.31 less than at the same time last year (then €81.07).
- Petrol vehicles: Drivers need to pay approximately €81.73 for a 55-litre fill-up. Compared to last year, when it was €88.16, this represents a significant saving of €6.43.
Interestingly, the price of diesel has now been consistently lower than petrol for 127 weeks, returning to the normal market situation that existed before February 2022.
Spain’s Prices Below European Average
Spain also fares well in a European context. Prices at Spanish petrol stations are below the average for both the EU and the Eurozone. While the average price for unleaded 95 petrol in the Eurozone is €1.673, it is cheaper in Spain. The situation is similar for diesel, where the Spanish price is also below the EU average of €1.553 and the Eurozone average of €1.581.
Why Are Prices Falling Despite High Demand?
The price drop during the peak travel season in August, when the Directorate-General for Traffic (DGT) expects over 52.8 million journeys on Spanish roads, may come as a surprise. However, prices at the pump depend on a complex mix of factors. These include not only crude oil prices, whose fluctuations only affect consumer prices with a time lag, but also taxes, logistics costs, and corporate profit margins. The current trend shows that despite high demand, other price-dampening factors are prevailing, giving drivers an unexpectedly affordable summer for refueling.
