Drivers in the Balearic Islands are paying around 10 euros more than last year to fill up their petrol tanks, according to the Ministry for Ecological Transition website.
Prices started to increase last November and have soared by 18.52% in the last 12 months. On January 1, 2020 a litre of petrol was 1,204 euros and by May 31 it was 1,427 a litre.
The President of the Association of Service Stations of the Balearics, Jesús Salas, says it costs an average of 61 euros for a full tank of petrol, which is about 11 euros more than a year ago.
Diesel prices are up 16.77%. On June 1, 2020 it was 1,109 euros a litre and by May 31 it was 1,295. A full tank costs an average of 58 euros, which is nearly 10 euros more than twelve months ago.
It also costs more to top up your tank in the Balearic Islands than it does on the mainland.
A litre of petrol will set you back 1.341 euros in mainland Spain, which is an increase of 9.3% in one year, but in the Balearic Islands it’s 1.427 euros a lite.
Diesel costs 1,203 a litre on the mainland, which is an increase of 17.25%, but it’s 1,295 in the Balearic Islands.
Jesús Salas points out that petrol stations are not responsible for the price of fuel and claims that it’s better for them if the price is low because customers are more likely to fill up.
"Rising fuel prices are a matter of geopolitics," states Salas, who says the pandemic has caused losses of 75% in some stations and 50-60% in the city.
He argues that petrol stations were obliged to stay open, even if they had virtually no customers and complains that the Sector hasn't received a penny in financial aid. He also claims that low-cost gas stations and electric cars, amongst other things, are causing a decline in revenue, making it difficult for them to reach pre-pandemic economic levels.
According to Economist Pau Monserrat, the rise in fuel prices will have a huge economic impact on the Balearics Islands, because of their dependence on tourism and warns there could be an increase in the price of airline tickets. He also points out that an increase in the price of crude oil will have a rapid impact on the sale of fuels.