Madrid/Palma.—The current record price, confirmed the European Union's fuel department yesterday, is 0.07 percent dearer than the cost last week and marks an accumulated upturn of 3.2 percent during March. The soaring cost of diesel meanwhile, said the department, has slowed its pace and dropped by 4.29 percent this week to level out to an average of 1.339 euros per litre at service stations throughout Spain.

Fuel and diesel have become 8.84 and 0.22 percent respectively, more expensive since the beginning of the year.
Year on year variance
Diesel fuel now costs an average of 4.04 percent more than it did a year ago, whilst petrol has gone up by 11.13 percent over the same period.
So far this year, the cost of petrol has reached record highs almost every week whilst diesel - which has increased less in price - has hit four historic highs since February.

The reason for the steep climb in fuel cost is based on two factors: the hike in the price of a barrel of crude oil and the increase in taxes on fuel in some of the regions of the country.

However, exorbitent though prices may now appear, the cost of fuel in Spain remains below the average in other European countries. 95 octane petrol costs an average of 1.656 euros per litre in European Union member states and 1.688in countries within the euro zone.

Prices are set to go up again at the start of next month and queues are expected at service stations to fill up before the hike and prior to the onset of the Easter holiday.


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