The prices of petrol and diesel started to increase on the second week of August, but now that the summer holidays has finished the prices are falling again.
Last week the petrol prices went down by 0.35% while the diesel prices fell by 0.67% and thereby the price growth which began the second week of August has stopped. The data comes from the EU’s oil bulletin via Europa Press, so they should be reliable.
The average price of a litre of petrol from pumps is now at 1,154 Euro. It now costs 1.9% more than in January, but 3.3% less than the same week in 2015.
For diesel the average price from pumps is 1,027 Euro. This rate is 6.7% higher than in January, but 4.9% less than the same week in 2015. 70% of the vehicle fleet in Spain are diesel powered.
The prices are average prices, thus local competition may pose significant differences in price. Moreover there are unmanned petrol stations where the prices are significantly lower. For example a diesel price of 0.985 was recently spotted at an unmanned petrol station on Costa del Sol.
International oil prices
A barrel of Brent, which is the European standard, now costs $ 46, which is about two dollars cheaper than a week ago. A barrel of “Texas sweet light”, which is the reference in the US, now costs $ 43 which is three dollars cheaper than last week. So there is a potential for further price reductions.
The average price of gasoline and diesel in the EU
The fuel prices in Spain are lower than in the EU and the euro area. The average price in the EU on a litre of petrol is € 1.3 and euro area 1,334 Euro. Diesel costs an average of € 1,141 in Europe and 1,125 in the euro area.
The low price level in Spain in relation to neighboring countries is due to the fact that Spain has a lower tax burden in general than comparable countries in Europe. This in spite of the recent years increased IVA, higher taxes and new taxes on biodiesel.