Oil prices 2026: the cost for Spanish households.

Spain imports 99% of its crude

Spain has no significant domestic oil production and relies almost entirely on imports -- primarily from Russia (pre-2022), Saudi Arabia, Nigeria and the US. This 99% import dependency means Spanish households are fully exposed to every global oil price movement with no domestic buffer. The Spanish government used a fuel subsidy (rebaja de 20 centimos) in 2022 that cost EUR 2 billion; no equivalent measure is currently active.

Fuel tax structure

Spanish petrol prices include the highest total tax burden in the Iberian Peninsula. The base excise duty (Impuesto sobre Hidrocarburos) is 0.4682 EUR/litre for petrol plus a regional complement varying by autonomous community (Catalonia and the Basque Country charge the most). VAT at 21% applies on top. Tax represents approximately 48% of the pump price at current levels.

Heating exposure

Unlike northern European countries, most Spanish homes (especially in southern regions) do not use gas central heating. However, northern Spain -- Galicia, Asturias, the Basque Country -- has significant gas heating penetration, and gasoleo calefaccion (heating oil) is used in rural areas. The greater exposure is indirect: electricity prices in Spain remain partially linked to gas through the marginal pricing system, despite nuclear and renewables comprising 60%+ of generation.

Cost breakdown by category