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In what many are describing as the most expensive summer in history, drivers across Spain got a bit of a shock when filling up in July as fuel costs surged in response to the conflict in the Middle East. But motorists can keep a few euros in their pockets this month since fuel has fallen by 0.2% this month.

 

That’s according to the EU Oil Bulletin published this week, which highlights that petrol is now up to €6.40 cheaper than a year ago. More notably, current prices are a far cry from the peaks recorded in June 2022, when Russia’s invasion of Ukraine sent costs soaring. Since then, petrol has dropped by 23.4% and diesel by 24.6%.

 

Back then, even with the government’s 20-cent-per-litre discount in place, petrol still reached €1.941 per litre and diesel hit €1.90.

 

Today’s prices are also well below those seen in July 2022, when petrol peaked at €2.141 and diesel hit €2.10 per litre. Diesel has now been cheaper than petrol for 127 consecutive weeks, returning to the pre-war trend that was reversed between August 2022 and mid-February 2023.

 

Fuel prices are influenced by several factors including the cost of oil, raw materials, logistics, taxes and gross margins. These changes aren’t immediate either and oil price fluctuations typically affect pump prices with a delay.

 

This drop in fuel costs comes during one of the busiest travel months of the year. According to the DGT, more than 52.8 million journeys are expected on Spanish roads this August.

 

So far this year, petrol prices have fallen by 2.55%, while diesel has seen a more modest drop of 0.76%.

 

Spain also continues to register lower prices than the European average. For 95-octane petrol, the average price is €1.623 per litre, below both the EU average of €1.673 and the eurozone average. Diesel stands at €1.553, also under both the EU (€1.581) and eurozone averages.

 

Right now, filling a 55-litre diesel tank will cost around €78.76, €2.31 less than this time last year. For petrol drivers, a full tank comes to around €81.73, saving about €6.43 compared to the same time in 2024.

 

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