The average fuel prices in Spain have recorded a fifth consecutive week of declines, accumulating a reduction of over 5% since the beginning of April 2023. Specifically, the average price of diesel has decreased by 0.8% this week compared to the previous week, settling at 1.366 euros per liter.

This price level marks a return to rates not seen since early October 2022, according to the EU's petroleum bulletin.

In the same timeframe, the average price of gasoline has fallen by 0.7%, reaching 1.455 euros per liter, the lowest since late 2022, when subsidies were in place due to the crisis stemming from the war in Ukraine.

The recent price declines have led to a 5.2% decrease in diesel prices since the first week of April, while gasoline has seen a reduction of 4.1%.

Prior to mid-October 2022, fuel prices had recorded an overall decrease of 8.9% for gasoline and 9.2% for diesel, following a trajectory of price drops that began in July of the previous year.

This period coincided with the summer holiday season, characterized by a rise in road travel.

However, prices began to rise again shortly before Christmas, continuing into the early weeks of 2023.

With the current prices, filling a typical 55-liter diesel tank costs approximately 75.13 euros, which is about 8 euros less than the same period last year, where the cost was 83.16 euros.

For gasoline vehicles, filling a similar tank now costs around 79.97 euros, which is 12 euros less than in 2022, when the expenditure was approximately 91.96 euros.

At these levels, the average price of diesel remains below what it was before the outbreak of the Russian invasion of Ukraine on February 24, 2022, when it was priced at 1.479 euros per liter.

Gasoline also remains below its price of 1.591 euros per liter during that period.

Both fuel types continue to be significantly below their peak prices recorded in July 2022, when gasoline reached 2.141 euros and diesel soared to 2.1 euros.

Diesel has now spent 115 consecutive weeks priced lower than gasoline, reflecting a return to the typical pricing dynamic that existed prior to the start of the Ukraine conflict.

The war had caused diesel to consistently cost more than gasoline from August 2022 until mid-February 2023, when this trend was reversed.

Fuel prices are influenced by numerous factors, including specific commodity pricing, crude oil market trends, taxes, raw material costs, logistics expenses, and profit margins.

Additionally, fluctuations in crude oil prices do not immediately reflect in fuel prices due to a time lag in their adjustment.

Currently, the price of 95-octane unleaded gasoline in Spain remains below the average in the European Union, which stands at 1.606 euros per liter, and the Eurozone average of 1.659 euros per liter.

Similarly, the price of diesel in Spain is also lower than the EU average of 1.486 euros and the Eurozone average price of 1.513 euros.