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There's some welcome news for anyone planning to hit the road this May bank holiday weekend as fuel prices in Spain have dropped for the second week in a row. Even though the weather mightn’t be playing ball, millions of drivers are still expected to take advantage of the May Day holiday to get away for a few days, so the timing couldn't be much better.

 

According to the European Union's weekly oil bulletin, published on Thursday April 30, diesel fell by 4.4% to €1.727 per litre at the pump, while petrol dropped 1.3% to €1.504 per litre. For anyone filling up a medium-sized 45-litre tank, that works out at €77.85 for diesel and €67.50 for unleaded.

 

Believe it or not, petrol prices are now almost exactly where they were before the conflict in Iran began, with drivers paying just 45 cents more for a full tank. Diesel is still €13 more expensive than it was before the war, but compared to the week before the government introduced its fuel tax reduction, things are looking considerably better.

 

According to those figures, a full tank of diesel now costs €6.75 less and petrol €10.35 less than they did at that point.

 

Spain is also faring a little better than the rest of Europe. The EU average for 95-octane unleaded currently stands at €1.841 per litre, with the Eurozone average even higher at €1.899, meaning Spanish drivers are paying noticeably less than many of their European neighbours. The same is true for diesel, where the EU average is €1.974 and the Eurozone average is €2.031.

 

Both fuels also remain a long way off the record highs seen in the summer of 2022, when petrol hit €2.141 per litre and diesel reached €2.10 in July of that year.

 

The concern, though, is how long this relative relief at the pumps will last. The conflict in Iran has been driving prices upward and the blockade of the Strait of Hormuz, through which roughly 20% of the world's oil passed before the war, is a key factor in market uncertainty.

 

On Thursday, the price of Brent crude hit its highest point since the conflict began, briefly breaking through the $125 mark before pulling back to around $114 by early afternoon, which gives you a pretty clear idea of just how volatile the market is right now.

 

If the situation worsens, drivers could find themselves paying more at the pump again before long.