Spain prepares third anti-crisis package as fuel costs and US diesel prices surge

Negotiations on a third aid package

The Spanish government convened negotiations with business confederations and labour unions in Madrid on 17 September 2026 to structure a third economic support package. First Vice President and Minister of Economy Carlos Cuerpo led the session alongside Second Vice President and Minister of Labour Yolanda Díaz, Minister of Finance Arcadi España, and Minister of Inclusion Elma Saiz. Social dialogue partners included CEOE President Antonio Garamendi, Cepyme General Secretary Mayte Gómez, UGT General Secretary Pepe Álvarez, and CCOO General Secretary Unai Sordo. All participants agreed to maintain the national Response Plan beyond its scheduled expiry on 30 September 2026, continuing quarterly frameworks initially approved in March and renewed on 1 July.

“We are going to work on the measures of the Response Plan to continue accompanying and supporting families in the face of price increases, paying special attention to the most affected professional sectors, such as transport and agrifood, due to the effect it produces on the rest of the chain.”

Domestic inflation and rising energy costs

The decision follows renewed inflation pressures across Spain, where August headline inflation reached between 4.25% and 4.3%, rising 0.7 percentage points above July and touching its highest level since 2023. Fuel costs have risen 30% across the third quarter, including increases exceeding 15% in recent weeks, bringing retail prices near €2 per litre and matching peaks recorded in March. Wholesale electricity has traded above €100 per megawatt-hour since a heatwave in July, though ministry representatives noted domestic renewable generation kept wholesale power below the broader European average. Coalition partner Sumar submitted formal proposals to extend all expiring measures, implement a temporary tax on the refining sector, enforce residential rent caps, and reactivate the Iberian gas exception.

Global crude tensions and refined fuel shortages

Energy markets have remained constrained since military action involving the United States, Israel, and Iran began three quarters ago. International Brent and WTI crude benchmarks remain above $100 per barrel, mirroring price levels from mid-May after a provisional June truce collapsed without ongoing peace negotiations. In the United States, average retail diesel reached nearly $6.40 per gallon on 17 September 2026, climbing more than 78% from $3.52 per gallon in January 2026. European gasoil futures (LGOc1) and American ultra-low sulfur diesel futures (HOc1) are trading at peak levels. Market constraints have intensified due to the closure of the Strait of Hormuz, environmental refining regulations, the Russia-Ukraine conflict, and Russia's 9 July 2026 ban on external diesel sales, which drew down US commercial inventories in August as exports expanded.

January 20263.52

17 September 20266.4

January 2026

3.52 $/gal

17 September 2026

6.4 $/gal

Data from the article text

Legislative roadmap and pricing uncertainty

The Ministry of Economy has scheduled further technical consultations with professional transport and agrifood representatives next week to finalize the decree. The finished measure will be submitted for formal adoption at the Council of Ministers meeting during the final week of September 2026. Policymakers noted that formulating the decree remains complicated by market volatility and political timelines, including US presidential statements pointing to the November legislative elections as a potential resolution window for the Middle Eastern hostilities.