Propaganda and fallacies.

It depends. Assuming the propaganda we are discussing is false, if it is an argument  it is most likely based on at least one logical fallacy. But a lot of propaganda is just a statement of a false "fact" - "Jews control the banks". That is a falsity, but not necessarily a logical fallacy, as it is not an argument.

Is propaganda always fallacious, but fallacies not always propaganda? 

Fallacies aren't always propaganda. They could simply be errors in the logical structure (formal) or problems of truth/acceptability/relevance (informal) in one of the premises.

Propaganda expresses an opinion, positive or negative, but it is very often fallacious: by using the Appeal to Emotion, Ad Hominem (Guilt by Association), Cherry Picking and other logical errors to win over the general public.