SPAIN DATA: May gasoline sales fall, diesel static as prices rally

9 Jun 2022

Quantum Commodity Intelligence - Spanish gasoline sales in May fell at a time when they should be seasonally rising as retail prices rebounded after the government’s 20-cent price cut, while diesel sales were static on the month, Spanish logistics company Exolum showed on Thursday.

May gasoline sales slid 2% to 485,800 cubic metres (cu m) on the month while they tend to rise between 4-7% in pre-Covid times as Spain headed towards the summer driving season, the data showed.

Gasoline sales jumped nearly 10% a month earlier to hit a 13-year high in April after the government lowered fuel duties by €0.20/l ($0.21/l) at the start of the month, cutting the average retail price to €1.61/l ($1.72/l), EU data showed.

However, since then, prices have rallied again amid soaring wholesale costs, with the average reaching €1.97/l by the end of May, slowing demand.

At the same time, road diesel sales were a touch higher on the month at 1.77 million cu m, while they normally rise between 3-4%.

Diesel prices rose from €1.65/l at the start of April to €1.85/l at the end of May, EU data showed.

Gasoline sales were still up 3.3% to pre-Covid levels, while diesel sales were trailing at 7.4% to 2019 levels, Exolum data showed.

Finally, jet fuel sales jumped 10% on the month to 554,100 cu m, levels not seen since late 2019 as Spain’s tourism sector fully reopened and air travel demand across Europe soared following two years of pandemic.