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Drivers across Spain are once again seeing fuel prices creep upwards, with both petrol and diesel becoming more expensive for the second week in a row.

 

According to the latest figures from the European Union's Oil Bulletin, the average price of petrol has risen by 1.58% over the past week, reaching €1.541 per litre. That's the highest level recorded since the beginning of June.

 

Diesel has also increased, climbing 0.91% to an average of €1.549 per litre, its highest price in around a month.

 

The latest rise follows the end of the government's temporary VAT reduction on fuel, which had been introduced as part of measures aimed at easing the economic impact of the conflict between Iran and Israel. The lower VAT rate helped push fuel prices down for five consecutive weeks before expiring at the end of June.

 

Although the government has introduced a temporary reduction in fuel duty worth 15 cents per litre during July, industry groups had already warned that it would not fully offset the return of VAT to 21%.

 

Even with the recent increases, prices remain well below the record highs seen during the summer of 2022, when petrol exceeded €2.14 per litre and diesel reached €2.10.

 

For drivers, however, the difference is still being felt. Filling a typical 55-litre petrol tank now costs around €84.75, while the same amount of diesel comes to approximately €85.19.

 

Fuel prices are influenced by a range of factors including crude oil prices, taxes, transport costs and market conditions. Any changes in oil prices can also take time to filter through to the pumps, meaning motorists could continue to see fluctuations in the weeks ahead.