Petrol soars by 4.4% and diesel by 5.6%

War accelerates rise in fuel prices, which have reached record highs

2 min
A worker at a gas station in Bilbao filling up a car. The price of oil has increased by 91% since the beginning of 2021.

Russia's attack on Ukraine has accelerated the rise in fuel prices in Spain, which were at historical records, but in the last week have soared, according to data from the European Union's Oil Bulletin on Thursday. In fact, 95 octane gasoline has risen in just one week by 4.4%, while diesel has increased by 5.6%. Both fuels have reached record highs: €1.679 per litre in the case of 95 octane gasoline and €1.581 per litre in the case of diesel. The price increase has gained momentum with the war, since the previous week, despite going up, gasoline had risen by 1% and diesel by 1.5%.

These, however, are the average prices that reflect the average price of over 11,400 Spanish service stations between March 1 and 7, which means that the price in many service stations may be higher than this average. In fact, there are already some places where the litre of 95 octane petrol is being paid at €2.

This week's increase is the tenth in a row for fuels, whose price had already started to increase before the invasion of Ukraine. In fact, petrol is already 10.3% above the previous record price set nine years ago, while diesel is being sold at a price 9.4% higher than its previous record, also set in 2012.

It is mainly the increase in the price of crude oil which has driven the upward spiral of prices, which could continue following the United States and the United Kingdom's bans on imports of Russian crude oil. Added to this is the position of the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, not to increase crude oil pumping in the current context marked by the Russian invasion of Ukraine.

Even so, the United Arab Emirates, one of the few OPEC countries with the capacity to increase production, has shown its support for a possible increase in supply.

€27 more than a year ago

With these prices, filling a medium-sized 55-liter tank with petrol currently costs over €92, while with diesel it reaches €87, which means paying about €27 euros more than a year ago. The price of gasoline has increased by 42% since January 2021 and that of diesel by 48%.

Despite the new rise in fuel prices in Spain, they remain below the European average, which, according to EU statistics, stands at €1.867 per litre for petrol and €1.792 for diesel.