Petrol prices in Spain hit record levels

The price of petrol has this week reached a record level in Spain

Petrol prices in Spain have skyrocketed this week, reaching a new historical high. A fifth consecutive price rise saw fuel on the forecourts rise to its most expensive level so far in 2022. According to data from the European Union Oil Bulletin, prices have gone up by another 5.6 per cent.

Specifically, the average price of petrol this week stood at €1,538/litre, which represents an increase of 1.18 per cent compared to a week ago. This is a historical record, exceeding the €1,522 of September 2012.

Also, the average price of a litre of diesel this week stood at €1.422, making it €1.35 per cent more expensive compared to last week. This is not a record for this fuel, although it remains close to the historical maximum of €1,444 set in September 2012.

Since the beginning of the year, the average price per litre for petrol has accumulated a rise of almost 4 per cent, while diesel has risen 5.6 per cent.

Filling an average 55-litre petrol tank now costs around €84.6, about €17.10 more than a year ago. In the case of refuelling with diesel, it amounts to almost €78.2, about €17.30 more than in the last week of January 2021.

Despite these levels, the average price of unleaded 95 petrol in Spain is still below the average of the European Union, which stands at €1,680/litre. In the euro zone, the average price is €1,745. Something similar happens in the case of diesel, since the price in the EU is €1,567, and €1,606 in the euro zone.

These lower fuel prices in comparison to the surrounding countries are due to the fact that Spain, despite VAT increases, higher taxes, and levies on biodiesel, continues to have a lower fiscal pressure, in general, than other European countries, as reported by lasprovincias.es.

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