The month of August is heading towards the final stretch, which for many Spanish families represents the end of the summer holidays and a return to routine. The eighth month of the year is usually the preferred rest period for the inhabitants of our country, with the beaches, mountains and tourist cities as the main destinations to disconnect from the activity of the rest of the calendar.
In addition, many families take advantage of the school holidays to travel by car to their second homes or to their towns of origin. A significant number of this group travels by car at the beginning of July and returns to the city at the end of August when the start of a new school and work cycle approaches.
For all of them, the return operation awaits them with an unpleasant surprise when it comes to filling the tank of the car. During the last six weeks the price of gasoline and diesel has risen and they will pay more than in July to refuel.
According to data from the European Union Oil Bulletin, which calculates prices based on the amount of fuel in more than 11,400 service stations throughout Spain, the price of gasoline is 1.692 euros per liter and that of diesel is 1.586. euro. These amounts are obtained by calculating the average between the different prices registered at the gas stations analysed, so there may be notable differences between low cost gas stations and those located on motorways, which are usually the most expensive.
After chaining six weeks to the rise, the price of gasoline has become more expensive by 6.3% compared to the beginning of summer and diesel, by 10.3%. Filling an average 55-litre tank with gasoline now costs around 93 euros and filling it with diesel around 87 euros.
Therefore, drivers of a gasoline car will pay 6 euros more during the return operation than at the beginning of July, when an average tank of 55 liters cost 87 euros. Drivers of a diesel vehicle will pay 8 euros more than six weeks ago to fill the tank, since then they paid 79 euros for the same amount.
It is traditional for the price of gasoline and diesel to rise in August due to the greater demand that occurs at this time of year. The situation has been aggravated by the rise in the price of a barrel of Brent, the benchmark type of oil in Europe. In fact, since 2022 we have not seen a scenario like this with six weeks of sustained growth.
Mainly for geopolitical reasons. The Organization of Petroleum Exporting Countries (OPEC) announced in May that it would reduce production by 10% with the intention of raising prices on international markets. For example, Saudi Arabia, one of the five founding members of OPEC, has stopped producing half a million barrels a day.
Yes and no. Although now a liter of gasoline costs 1.692 euros, 12 months ago we paid 1.597 euros, that is, 0.095 cents less. However, this amount is the result of applying the discount of 20 cents per liter offered by the Government with the help of the oil companies. Without this subsidy, a liter of gasoline would have cost 1.797 euros then, 0.105 cents more than today. The same thing happens with diesel.
For the moment, the Executive – now in office – has not considered reapplying the subsidy of 20 cents per liter in automotive fuels for individuals. The measure was in force between April 1 and December 31, 2022 when the price of fuel peaked. The price of gasoline and diesel came to exceed the barrier of 2 euros per liter at specific times.
Despite the rise in the last month and a half, the price of fuel in Spain is below the community average, where gasoline costs 1,874 euros and diesel 1,754 euros. We Spaniards pay 18 cents less for each liter of gasoline and 17 cents less for each liter of diesel compared to the average for EU countries.
