The price of fuel in Spain gives a break at the start of November. Both have fallen for the first time after three consecutive weeks on the rise: the liter of 95 gasoline costs 1,504 euros0.2% less than the previous week, and that of diesel is placed at 1,391 euros0.07% less. This is indicated by the latest data from the EU Oil Bulletinwhich include prices with taxes.
Gasoline had accumulated a reduction of 8.9% and diesel of 9.2%, all of this since they began a spiral of declines last July, coinciding with the summer holidays, which is when there are usually more road trips throughout the year.
Filling the gas tank costs 82 euros
With current prices, filling an average 55-liter tank of diesel costs about 76.50 euros, about 13.7 euros less than at the same time last year. For gasoline vehicles, this same represents a disbursement of about 82.72 euros, around 8 euros less than in the same week of October 2023.
Despite the rebound, the average price per liter of diesel remains below the levels it was before the outbreak of the Russian invasion of Ukraine (which began on February 24, 2022), when it was 1,479 euros per liter. Gasoline also remains widely lower, since it had a price of 1,591 euros per liter at that time.
Furthermore, with these levels, the price of Gasoline remains in Spain below the European Union averagelocated at 1,633 euros per liter, and from the eurozone, with an average price of 1,683 euros. In the case of dieselthe price in Spain is also lower than the EU average, which is 1,526 euros, and the euro zone, where the price is 1,550 euros.
In this scenario, it is also necessary to look at the price of crude oil. The barrel of Brent, the benchmark in Europe, fell 0.57% after 4:00 p.m., to $74.51 a barrel. On the other hand, West Texas Intermediate (WTI), a reference in the US, fell 0.67%, to $71.22 per barrel.
However, it should be remembered that the price of fuel depends on multiple factors, such as its specific price (independent of that of oil), the evolution of crude oil, taxes, the cost of raw materials and logistics, and gross margins. . Furthermore, the evolution in the price of crude oil is not directly transferred to fuel prices, but rather does so with a time lag.
The Gasoline Chronicles: Spain’s Fuel Pricing Saga
Hello, ladies and gentlemen! Let’s dive into the riveting world of fuel prices in Spain—a real page-turner, I assure you! Buckle up, because we’re about to explore the thrilling ups and downs of gasoline costs, and trust me; the twists and turns will have you on the edge of your seat—more thrilling than a pint of lager at a karaoke night!
Good News for Pump Users: A Brief Respite!
So, there’s been a bit of a break in the relentless upward spiral of fuel prices! Yes, it’s true: at the start of November, the sun has decided to shine down on our wallets. As of now, the price of 95 gasoline is hovering around 1.504 euros per liter—down a staggering 0.2% from last week. Diesel? Well, that’s dropped just a smidge more, now sitting at 1.391 euros—a remarkable 0.07% reduction (it’s practically a shower of savings!).
Now, don’t get too excited just yet; it’s like finding a £5 note in your old coat—great, but still not quite a holiday in Bali. The average prices have dropped following an accumulated reduction of 8.9% for gasoline and 9.2% for diesel since their peak in July. Just like my weight loss journey after a summer holiday… every little bit helps!
Fill ‘er Up: The Real Cost of Driving
If you’re like most folks and you need to fill up that belching beast in your driveway, expect to shell out around 76.50 euros for a tank of diesel or about 82.72 euros for gasoline. That’s about 13.7 euros less than last year—a nice slice of financial pie if you ask me. You could almost afford a second slice of cake after paying the fuel bill! (But let’s not get greedy now, eh?)
Remember, though, despite these numbers, we’re still living in the afterglow of the Russian invasion of Ukraine, which sent fuel prices rocketing like Icarus flying too close to the sun. Back when the chaos started, diesel was around 1.479 euros and gasoline was at a hefty 1.591 euros. Would I pay that much just to drive to the corner shop? Not without a fight!
Compared Prices: Where Does Spain Stand?
Good news, my fellow petrolheads: Spain is actually winning the fuel price game! Gasoline prices here are lower than the EU average of 1.633 euros and way below the eurozone average of 1.683 euros. Diesel? It’s a similar story, sitting at 1.526 euros in the EU and 1.550 euros in the eurozone. It’s like we’re getting our gas on a discount rack—you know, like last week’s bakery goods—but who’s complaining?
But Wait, There’s More!
As if that wasn’t enough—let’s talk crude oil, the very blood of our beloved fuel economy, shall we? The barrel of Brent crude has dipped a little, resting at $74.51, while the West Texas Intermediate has also taken a wee tumble, now priced at $71.22. It’s almost like they’re having a price contest: “Who can go lower?”
Just remember, folks, fuel prices are affected by various factors: oil prices, taxes, logistics, and raw material costs, which all sound like something out of a bad sci-fi flick. And let’s not forget that changes in crude oil don’t immediately translate to less painful prices at the pump—oh no! Nothing in life is quick, not even the relief at the fuel station.
The Takeaway: Embrace the Savings!
So, as we stand at this peculiar yet brief summit of fuel savings, let’s hold off on buying that yacht just yet. Yes, it’s nice that prices are dipping, but who knows how long this mini paradise will last? Just remember to smile when you’re at the pump, because, my friends, every cent saved is just a little victory in our never-ending battle against high fuel costs!
Until next time, drive safely, and may your tanks be filled with cheaper liquid gold. If you’re ever in doubt, just remember: you could always ride a bicycle… but that’s another story for another day!
The price of fuel in Spain takes a welcomed dip at the start of November, breaking a three-week streak of rising costs. Currently, the liter of 95 gasoline is priced at 1.504 euros, reflecting a slight decline of 0.2% from the previous week. Meanwhile, diesel prices have also experienced a reduction, now standing at 1.391 euros, which is a decrease of 0.07%. This information has been sourced from the EU Oil Bulletin, which includes all prices inclusive of taxes.
Over the past few months, gasoline prices have witnessed a significant decline of 8.9%, while diesel has fallen even more sharply by 9.2%. This drop in fuel costs started around July, coinciding with the summer travel peak when many families embark on road trips and vacations.
Filling the gas tank costs 82 euros
Currently, filling up an average 55-liter diesel tank will set drivers back approximately 76.50 euros, which is around 13.7 euros less than what consumers were paying at the same time last year. For those using gasoline vehicles, the average cost is approximately 82.72 euros, marking a decrease of about 8 euros compared to the corresponding week in October 2023.
It’s worth noting that despite the recent price adjustments, the average cost per liter of diesel remains lower than pre-invasion prices noted prior to the Russian invasion of Ukraine, which began on February 24, 2022, when diesel prices were at 1.479 euros per liter. Similarly, gasoline prices were also significantly higher at that time, sitting at 1.591 euros per liter.
Moreover, the current gasoline prices in Spain stay beneath the European Union average, which stands at 1.633 euros per liter, and the eurozone average of 1.683 euros. Likewise, Spanish diesel prices are also more favorable, remaining lower than the EU average of 1.526 euros and the eurozone benchmark of 1.550 euros.
In the broader context of global markets, the price of crude oil plays a crucial role. As of recent reports, the barrel of Brent crude, a major European benchmark, has dipped by 0.57% to reach $74.51 per barrel. In contrast, the West Texas Intermediate (WTI) benchmark, widely referenced in the United States, also saw a decrease, falling by 0.67% to $71.22 per barrel.
It is essential to understand that the pricing of fuel is influenced by a variety of factors beyond just crude oil prices. These include the specific retail prices, evolving crude oil costs, tax implications, logistical expenses, material costs, and distributor margins. Additionally, fluctuations in crude oil prices do not translate into fuel price changes instantaneously, as there is often a delay involved.
Eurostat gas prices
Und 13.7 euros cheaper than this time last year. For those with gasoline vehicles, the same tank fill-up will cost about 82.72 euros, roughly 8 euros less than in the same week of October 2023.
Despite this recent reduction, fuel prices are still significantly lower than their peaks following the Russian invasion of Ukraine, when diesel was priced at 1.479 euros per liter and gasoline at 1.591 euros per liter. In comparison, current prices reflect a positive shift for motorists, easing some financial pressures they’ve faced over the past years.
Moreover, Spain’s fuel prices remain attractive on a broader scale. Gasoline is currently priced below the European Union average of 1.633 euros per liter and the eurozone average of 1.683 euros. Diesel prices in Spain are also favorable, standing beneath the EU average of 1.526 euros and the eurozone’s average of 1.550 euros. This gives Spanish drivers a bit of relief as they fill their tanks compared to many of their European counterparts.
Looking at the global stage, crude oil prices have also seen a slight decline. As of late, Brent crude is priced at $74.51 per barrel and West Texas Intermediate (WTI) at $71.22 per barrel. However, it’s important to understand that the price of gasoline and diesel at the pump does not always correlate directly to crude oil prices, due to various influencing factors such as taxes, logistics, and refining costs. This means that fluctuations in crude oil prices may not be immediately reflected in fuel prices.
while the current price dip is welcome news for many drivers in Spain, it’s essential to remain aware of market conditions and other economic factors that can impact fuel pricing in the future. Enjoy the savings while they last, and drive safe!
