Filling up a tank of petrol or diesel in Spain costs between €16 and €23 more than a year ago, making it the most expensive August on record – despite the government’s 20 cents per litre discount on fuel.
Filling an average 55 litre tank with either petrol or diesel now costs around €93, which is equivalent to €16 more than a year ago for petrol, and €23 more for diesel.
Until this week, peak prices for the first week of August were back in 2013, when petrol cost €1.472 a litre and diesel €1.376, 16 percent and 19 percent less than current costs.
Prices have also already exceed the average monthly costs in August 2021, by 17 percent and 25 percent respectively, when fuel reached €1.416 and €1.29.
Despite these record breaking prices, fuel prices in Spain have actually been falling in recent weeks, reaching their lowest values since May.
As of Thursday 4th August, petrol in Spain is sold on average at €1.702 per litre, and diesel €1.693, including the government discount.
Without the discount, the price of petrol is €1.902 per litre and diesel €1,893 on average, according to figures from the European Union Oil Bulletin.
The government’s reduction on fuel costs, introduced as part of an ongoing raft of measures to help Spaniards amidst the cost of living crisis, means consumers save around €11 every time they fill up the tank.
The 20 cent reduction on the litre was introduced in March of this year, when fuel prices jumped and crossed the €2 per litre threshold.
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Below European averages
Fortunately for Spaniards, the combination of falling prices and the government taking 20 cents off the litre mean that Spanish fuel prices are below the European average, where petrol costs €1.856 and diesel €1.878 across the member states.
The most expensive EU countries for petrol are Denmark (€2.218) and Finland (€2.19), while for diesel Sweden (€2.37) and Finland (€2.153) are the priciest places to fill up.
On the other hand, although Spanish prices are falling they are not the cheapest in Europe. The cheapest places for petrol prices are Hungary (€1.29) and Malta (€1.34), and also for diesel: Malta (€1.21) and Hungary (€1.558).
Of surrounding western European nations, Spaniards are paying the least for their fuel. In Germany, for example, petrol costs on average €1.814 a litre and diesel €1.943. In France, the costs are €1.844 and €1.878 respectively; in Italy €1.877 and €1.851; and across the border in Portugal, the prices are €1.889 and €1.83.