Petrol prices continue to drop in the Canary Islands and reach a new low for this year

The price of petrol and diesel continues on a downward trend in the Canary Islands that started in December and has set a new low for the year this week. Since the beginning of 2023, the price of a litre of petrol has dropped by four cents on average, while the price of diesel is cheaper by up to 17 cents, according to data provided by petrol station company Petrolífera de Canarias (PCAN).

The sharp drop in the price of diesel in these five months means that for the first time since the war between Russia and Ukraine broke out, it is once again cheaper than petrol.

According to the reference data from PCAN (these are the base minimum prices that they set regardless of the price that each individual service station establishes later), a litre of diesel has dropped to 1.088 euros this week; with 95 octane petrol at 1.201 and 98 at 1.312 euros. This last fuel has dropped the least this year with a decrease of just two cents on average, but it is also the least consumed.

Fuel prices vary by season, area and island:
Prices vary depending on the brand of service station you go to and its location, so in the province of Las Palmas the petrol stations in Fuerteventura and Lanzarote are the ones with the highest prices: diesel is close to 1.50 euros per litre, while petrol is almost 1.60 euros.

In the province of Santa Cruz de Tenerife and, as usual, El Hierro is the island with the most expensive diesel at 1.60 euros a litre, as they only have small quantities due to the size of the island and the population, while La Palma has the highest priced 95 octane petrol at the same price.

The drop in fuel prices is in line with the lower price of crude oil in recent months. At the beginning of the year it was trading at around 88 dollars per Brent barrel, and yesterday it closed at 76.

PCAN forecasts that in the next few months, fuel prices will remain stable with “slight upward and downward fluctuations", as will happen with oil.

Consumers are beginning to notice that prices have dropped, as they can save up to ten euros when filling the tank compared to January 2022, even though they are still higher than in February 2022, when the war broke out.

The highest prices in the Canary Islands were reached in October and November 2022 when diesel reached 1.605 euros a litre; 95 octane petrol was 1,610 euros and 98 peaked at 1.70 euros.