Fuel increases

SINCE the withdrawal of the government’s fuel discount, prices at the pumps have increased for the second consecutive week in Spain.

According to data from the European Union (EU) Oil Bulletin published on Thursday, January 12, the price of fuel in Spain has increased for the second consecutive week. This is a direct result of the government withdrawing its 20 cents per litre discount.

Petrol has risen to an average of €1.61/litre, an increase of 2.08 per cent from last week. Diesel is also more expensive, at an average of €1.68/litre, representing an increase of 1.26 per cent in the last seven days.

As a result, these first two weeks of 2023 have reversed the downward trend that had been a regular feature during the last few months of 2022. Already in 2023, compared to December, petrol has gone up by 3.35 per cent, and diesel by 2.31 per cent.

Filling an average 50litre tank currently costs €80.50 in the case of petrol, and €84 with diesel. Compared to last January, the price of petrol and diesel has increased by 8.45 per cent and 23.6 per cent respectively.

A barrel of Brent ­ the reference in Europe ­ was trading at around 83.85, while the American Texas was trading at around 78.40 on Thursday.

The European Union average stands at €1.67/litre for petrol, and at €1.77 for diesel. Both are more expensive than in Spain.

In the eurozone, the average rises to an average price of €1.71/litre in the case of petrol, and €1.79/litre for diesel. Motorists in France or Italy for example can expect to pay between €1.71 and €1.85 for petrol, and between €1.68 and 1.89 for diesel, as reported by a local news source.