Spain Sees First Decrease in Gasoline Prices in Four Months, Providing Relief to Millions of Households

In recent weeks, there has been some good news for millions of households in Spain as gasoline prices saw their first decrease in four months. This marked the end of a 15-week streak of consecutive increases and provided a welcome change from the high prices seen earlier this year. Additionally, diesel prices also fell for the third consecutive week, reflecting a downward trend in fuel costs.

The drop in prices is attributed to a recent decrease in the price of crude oil, which serves as the main raw material for gasoline and diesel. Crude oil prices have dropped to around $84 per barrel from a high of $90 in mid-April. This reduction in costs has translated to lower prices at the pump, with gasoline averaging around 1.68 euros per liter and diesel at 1.53 euros per liter last week.

Despite these recent decreases, fuel prices are still higher than they were a year ago. Filling a tank of gasoline now costs around 92.7 euros, while diesel comes to 84.2 euros. These prices are above pre-war levels but below the peak prices seen in 2022. In comparison to other European countries, fuel prices in Spain are in line with the eurozone average.

The price of automotive fuels is influenced by several factors including the price of oil, refining costs, and taxes. With refining costs stable, fluctuations in fuel prices are mainly driven by changes in oil prices. The decision by OPEC to maintain supply cuts may keep oil prices above $80 per barrel, impacting fuel costs in the coming months. However, despite these uncertainties, recent decreases in fuel prices offer some relief to consumers.

In conclusion, while not completely back to pre-pandemic levels yet, recent decreases in gasoline and diesel prices provide some relief for Spanish households who have been dealing with high fuel costs for months on end.

This article provides an update on the current situation regarding gasoline and diesel pricing trends in Spain over the past few weeks and months.

Recent decreases were observed as gasoline and diesel saw their first decline since January when crude oil dropped significantly from its peak price earlier this year.

Gasoline currently averages around €168/liter while diesel comes at €153/liter.

While they remain higher than last year’s rates due to inflationary pressures related to Russia’s invasion of Ukraine.

Fuel cost fluctuations can be attributed mainly to changes