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Article 20 of Spanish Law 7/1996 on Retail Trade, as amended by Royal Decree-Law 24/2021, governs how a price reduction must be announced. Every reduction must state the prior price, meaning the lowest price applied during the 30 days before the reduction. It transposes EU Directive 2019/2161, which introduced Article 6a of Directive 98/6/EC.
In addition, and always duly justified, other reference prices may be shown, such as the last price applied outside promotional periods.