Recent Increase in Fuel Prices
Fuel prices have once again surged, marking a concerning trend for consumers. Over the past week, gasoline prices have increased by 1.02%, while diesel prices have risen by 1.26%. This development, reported by the European Union’s oil bulletin on March 2, indicates that gasoline prices have now seen a rise for seven consecutive weeks, and diesel for eight.
Factors Behind the Price Surge
The primary driver behind this increase is the escalating price of Brent oil, the benchmark in Europe. The volatility in oil prices has been heightened by geopolitical tensions following a recent attack by the United States on Iran on February 28. Although this bulletin captures only three days of data since the attack, its potential impact on fuel prices is already apparent.
Gasoline and Diesel Price Trends
This recent rise in gasoline prices is particularly significant as it is the highest jump since June 2025, when prices rose sharply by 1.7%. Currently, the price of gasoline hovers around €1.489 per liter, while diesel levels reflect prices from early December, at approximately €1.45.
Price Comparisons and Historical Context
Despite the current rises, today’s fuel prices remain below the peaks experienced following Russia’s invasion of Ukraine, when gasoline prices reached nearly €1.941 per liter and diesel shot up to €1.9. Analyzing year-to-date figures, gasoline prices have risen by 3.41%, and diesel by 4.04%, even though compared to the same time last year, gasoline is still 4.62% cheaper and diesel is 3.29% lower.
The Cost of Refueling
Filling a 55-liter tank with gasoline now costs approximately €81.73, while a diesel fill-up comes to around €79.26. Despite these increases, it’s worth noting that Spanish fuel prices remain below the EU average of €1.664 for gasoline and €1.629 for diesel.
Market Outlook and Analysts’ Predictions
Analysts from Alliance Bernstein suggest that geopolitical conflicts have historically led to temporary spikes in energy prices without significant long-term economic impacts. However, they caution that it is still too early to assess the long-term ramifications of the current tensions. They anticipate that the Eurozone may face a limited escalation of conflict, estimating potential interruptions in oil and gas supply that could impact GDP by 0.3 percentage points in 2026.
Potential Risks Ahead
The Moure gas station group’s analysis indicates that if tensions escalate, consumers might see prices rise by an additional 8 to 12 cents per liter. The general director of the group, Manel Montero, pointed out that rising Brent oil prices—which now exceed $80 per barrel—are exerting upward pressure on fuel costs, signaling further challenges for consumers moving forward.