Petrol prices drop sharply this week to less than this time last year

In a matter of a few days, the price of fuel at pumps has fallen dramatically in the Canary Islands. They have dropped steadily since Monday and by yesterday (Thursday) had decreased by an average of 5 cents per litre, but up to 15 cents at 'low cost' petrol stations.

The transport sector is surprised by this as a drop before Christmas is very rare and is attributed to the possible end of the 20-cent government funded discount on December 31st, in an attempt to attract customers.

The central Government of Spain has not yet ruled on what will happen to the aid in the New Year, although everything indicates that the bonus will only be maintained for certain groups, mainly the most vulnerable and transport companies, and will no longer be universal for everyone.

After this drop, the price of 95 octane petrol was between 1.2 and 1.3 euros per litre at pumps yesterday, while 98 was at 1.4 euros on average and diesel was at a similar level. The price difference is because stations are free to set them at whatever they want depending on their costs and how much profit they want to make.

At the 'low cost' petrol stations, the prices yesterday were even lower: 95 was below the magic euro mark (0.999), while diesel was at 1.199, down from 1.369 euros per litre at the start of the week, a drop of 17 cents.

After the government's 20-cent bonus is applied, fuel prices today are at their lowest level in the entire year and are close to what they were a year ago in the Canary Islands.

However, they are still well above the prices of 2020 when all types of fuel were below a euro per litre. 95 octane petrol was at 0.873 euros; 98 was at 0.916, and diesel at 0.799. This fuel has been the hardest hit this year with larger increases in an attempt to discourage the purchase of cars of this type.

Fuel companies are still speculating about what will happen in the next few days with the prices and government discount.