Drivers in Fuerteventura will continue to benefit from a fuel subsidy of 5 cents per litre, while those in La Gomera will receive a subsidy of 20 cents per litre and El Hierro 30 cents per litre, as the Canary Islands government extends subsidies for another three months.
The Regional Minister of Finance, Matilde Asián, has announced the extension of these fuel price subsidies from 1st April and until 30th June.
The fuel subsidy means that drivers will pay less at the pump making travel more affordable. This support is particularly important for those living on the islands, where transportation costs can significantly impact daily life and the local economy.
Determining the Subsidy Amounts
The subsidy amounts and the islands that receive them are assessed quarterly. This is based on the average fuel prices on each island compared to those in the ‘capital’ islands of Gran Canaria and Tenerife. By doing this, the subsidy aligns more closely with the actual costs that people on the non-capital islands face.
For context, the average prices for G95 petrol and GOA diesel in Gran Canaria and Tenerife during January, February, and the first half of March were €1.21 a litre. This figure is used as a benchmark for the average prices in the non-capital islands, where the averages were €1.27 for Fuerteventura, €1.45 for La Gomera, and €1.56 for El Hierro, and the subsidies are calculated accordingly.
In Lanzarote, the average price matches that of Gran Canaria and Tenerife at €1.21 so there is no subsidy.
