Fuel prices in Spain registered their lowest figures of the entire year just before the December long weekend
The last week saw a further decline in fuel prices in Spain, with a litre of gasoline costing, on average, 1.572 euros, the lowest price this year, after dropping 0.82% before the ‘Operation Exit’ for the Constitution and Immaculate Bridge.
Also, according to the latest EU Petroleum Bulletin, and based on data from more than 11,400 service stations in Spain, between November 28 and December 4, the average price per litre of diesel was 1.543 euros, almost 1% less than the previous week.
To improve the transparency of oil prices and to strengthen the internal market, the European Commission’s Oil Bulletin presents weekly consumer prices for petroleum products in EU countries. The national data and prices are submitted to the Commission on Wednesdays and our subscribers receive the bulletin per mail every Thursday.
With these prices, gasoline marks its tenth consecutive fall since the end of September, while diesel registers its ninth fall, a trend that has been going on since the beginning of October.
Both fuels confirm the downward trend of recent months. However, these are the average levels recorded between the last Tuesday of November and this past Monday, that is, they do not reflect the prices that drivers are paying in this “Operation Exit” for the December long weekend, for which the DGT expects almost eight million long-distance road trips.
Fuel prices in Spain have been on a downward trend since the end of September, reaching their lowest levels this year in the last week of November. According to the latest EU Petroleum Bulletin1, the average price of gasoline in Spain was 1.57 EUR per liter or 1.73 USD per liter on November 27, 2023, a 6% decrease from the same period last year. The average price of diesel was 1.54 EUR per liter or 1.69 USD per liter, a 4.8% decrease from last year.
The decline in fuel prices in Spain is mainly due to the lower demand for oil in the global market, as the COVID-19 pandemic continues to affect the economic activity and mobility of many countries. The supply of oil has also increased, as the OPEC+ group of oil-producing countries agreed to gradually raise their production quotas in July 2023. In addition, the appreciation of the euro against the US dollar has made oil imports cheaper for Spain and other European countries.
The lower fuel prices in Spain have been welcomed by many drivers, especially during the holiday season, when the traffic volume increases significantly. According to the General Directorate of Traffic (DGT), almost eight million long-distance road trips were expected for the December long weekend, which coincided with the Constitution and Immaculate Bridge. The DGT also advised drivers to check the fuel prices at different service stations before refueling, as there could be significant variations depending on the location and the brand. The DGT provides a website2 where drivers can compare the fuel prices in Spain and find the cheapest options near them.
The outlook for fuel prices in Spain for the next year is uncertain, as it depends on many factors, such as the evolution of the pandemic, the geopolitical situation, the exchange rate, and the taxation policy. Some experts predict that the fuel prices will remain stable or slightly increase in 2024, as the demand for oil recovers and the supply remains limited. Others foresee a possible drop in fuel prices, as the transition to electric and renewable energy sources accelerates and reduces the dependence on fossil fuels. In any case, drivers in Spain should keep an eye on the fuel prices and plan their trips accordingly.
