Based on Spanish government figures for December, it was 22.4% more expensive to fill up at a petrol station in the Balearics than it was in December 2020.
The average price per litre of petrol was 1.541 euros; diesel was 1.415 euros. To fill up a 55-litre tank, this meant on average 85 euros and 77.8 euros. In 2020, the respective prices were 69.2 euros and 63 euros.
Joan Mayans, the president of the federation of service stations in the Balearics, says that prices reflect reduced supply and a recovery in demand. "It is a global thing." Because of lockdown in 2020, prices fell "in a tailspin". This had not been foreseen, as oil production at the time was normal, but demand slumped and down went the prices. Production then started to decline, and the revival of demand in mid-2021 caused a price escalation.
"It has happened with fuel, as it has with other products." As to the coming months, Mayans predicts that prices will continue to rise. "Oil-producing countries are increasing bit by bit, but production isn't yet back to pre-pandemic levels."
This is a situation that doesn't benefit the service stations. "Customers are thinking twice. Filling the tank is expensive." If the price falls, "consumption will be encouraged".
In addition, it has to be taken into account that the Balearics have historically had the most expensive fuel in Spain. This is because of insularity. In Murcia, for example, a litre of petrol or diesel is up to ten cents cheaper.