A litre of petrol in Spain now costs 0.7% more than just a week ago and is 14% more expensive when compared to the same week last year. In fact prices have amost reached the record high price of 1.276 euros registered in July 2008 when a barrel of petrol cost 147 dollars.
Currently a litre of diesel costs nearly 1.2 euros at 1.193 euros a litre which is an increase of 0.5% compared to a week ago and 18.2% more expensive than this time last year. The price of Diesel prices are also at their highest levels since the autumn of 2008. However, it is still well below the maximum price of 1.329 euros recorded during the summer of 2008.
At current prices filling up an average 55 litre tank with petrol now costs 69.5 euros which is 9.4 euros more than a year ago and in the case of diesel the cost rises to 65.6 euros which is 10.2 euros more than in January 2010.
The price of crude oil is still at around 100 dollars a barrel which according to the International Energy Agency is nearing danger levels.
More specifically a barrel of brent today costs 98.4 dollars which is more than four dollars higher than last week while in Texas its has risen by more than two dollars in the space of just one week and now costs 91.57 dollars.
The price of fuel before tax in Spain is still more expensive than in the rest of the EU. This means the price of petrol before tax is now 0.629 euros in Spain compared to 0.597 euros in the EU 27 member states and 0.665 euros in the Eurozone. The price of a litre of diesel has now reached 0.665 euros in Spain compared to 0.643euros in the EU 27 member states and 0.646 in the Eurozone.
However, the price of fuel sold to the public in Spain is still lower than the average price of fuel sold in the rest of Europe. The price of petrol is 1.443 euros a litre in the EU 27 member states and 1.
448 euros in the Eurozone. In the case of diesel the price is 1.296 euros in the EU 27 member states and 1.268 euros in the Eurozone.