Petrol prices hit record high in Spain—close to two euros per litre even with government discount

PETROL and diesel prices have shot up once again this week with historic highs of €1.941 /litre (petrol) and €1.876 / litre (diesel) on average, amounts which include the Government discount of 20 cents per litre.

Furthermore, according to data released on Thursday, June 23, by the European Union (EU) Oil Bulletin, which includes the average price recorded at more than 11,400 Spanish service stations between June 14 and 20, the values of both fuels would exceed the two euro per litre barrier if the public rebate were not taken into account.

With these prices, the cost of petrol is up 1.3% after nine weeks of constant increases, while diesel is 4% more expensive after rising for the third consecutive week.

Excluding the compulsory discount established by the government, petrol would exceed €2 per litre for the third time in history, standing at €2.141; while diesel would do so for the second time, setting a record price of €2.076.

Behind these increases is mainly the rise in oil prices, a trend that has softened in recent weeks but is not yet reflected in the final price of fuels.

Fuel prices depend on numerous factors, but the primary reason has a direct link to the increases in the price of crude oil due to the Russian invasion of Ukraine.

To cushion the impact that the rise in petrol and diesel prices is having in Spain (almost €30 more expensive to fill an average 55-litre tank than in January), the government plans to extend the 20 cents per litre subsidy by another three months.

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