The average price of fuel in Spain continues to rise and already adds 5 consecutive weeks of increases.
The result of this is that it has never been so expensive to refuel a gasoline car in Spain. According to the latest Weekly Oil Bulletin of the European Commission, the average price of gasoline in Spain this week is 1.538 euros per liter, its highest since there are records and above the maximum registered in September 2012.
Filling an average 55-litre tank is 17.1 euros more expensive today (or 25% more) than a year ago.
But the rise in fuel prices does not only affect gasoline. Diesel price has also been on the rise for six consecutive weeks and already costs on average 1.422 euros per liter, just two cents less below the historical maximum marked ten years ago. In this case, refueling with diesel is 28% more expensive today (17.3 euros more) than a year ago.
The prices are almost the same as the highs of a decade ago, but unlike then, the price of a barrel of Brent crude (reference in Europe) is now at 90 dollars, while ten years ago it cost 120 dollars.
4% rise so far this year
So far this year, gasoline in Spain has risen in price by 4% and diesel by 5.6%.
The price of fuel is not only determined by the barrel of oil. Other factors such as national taxes, transportation, refining, distribution and marketing costs also influence the price paid by the final consumer.
Even so, the average cost of fuel in Spain is still below the average for both the European Union and the euro zone. In the last week, in the EU-27 the price of gasoline stood at 1,681 euros per liter, while that of diesel stood at 1,568 euros.
In the euro zone, the retail price of a liter of gasoline was set at 1,745 euros per liter and that of diesel at 1,606 euros.