24 Aug, 2023 @ 16:30
1 min read

Motorists feel the pinch as petrol pump prices soar to highest level for a year in Spain

Motorists feel the squeeze as petrol pump prices soar to highest level for a year in Spain
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PETROL PUMP prices have soared to their highest level in a year in Spain exceeding €1.70 a litre for unleaded fuel in parts of the country.

Prices are at their highest level since the end of August 2022 when the 20 cents per litre bonus introduced by the government was still in force after energy prices spiralled after the outbreak of the war in Ukraine.

Before the Ukraine conflict started at the end of February 2022, prices were around €1.60 per litre.

There have been seven consecutive weeks of price hikes caused by the oil producing nations led by Saudi Arabia cutting output to get more money.

The price squeeze comes during the high summer season with more cars on the road, including tourist rental vehicles.

Filling up an average 55-litre tank costs €93.99- €6.76 more than exactly a year ago when the price discount was in force.

Since prices started climbing at the start of July, a litre of gasoline costs 7.5% more while diesel has gone up by almost 11.5% in the same period.

An average diesel tank fill-up now costs €88 based on a charge of €1.60 per litre- a cost not seen since late February.

Shopping around pays off with ‘low-cost’ unmanned gas stations offering cheaper prices than traditional operators affiliated to branded petrol providers.

Despite the big hike in recent weeks, prices are still far from the highs they reached back in July 2022 when gasoline and diesel exceeded €2.10 per litre on average.

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