The cost of fuels has recorded this week its eighth consecutive increase, which represents an accumulated rise of almost 24% since the VAT reduction to 10% was no longer applied at the beginning of July, thus reaching its highest prices of the summer just before the return operation in August.
In detail, the average price of a liter of diesel has risen by 1.8% compared to the previous week, reaching 1.861 euros, consolidating at its maximum levels since mid-April.
Meanwhile, the average price of a liter of gasoline has advanced to 1.723 euros, after a weekly increase of 1.55%, marking highs since March, according to data from the European Union's Oil Bulletin consulted by Europa Press.
With these new increases, diesel has already accumulated a rise of more than 23.7%, and gasoline has seen an increase of 19.8% since the tax change.
This spike and shift in the evolution of fuels was consolidated after on June 29 the Government, in an extraordinary Council of Ministers, approved a royal decree law to address the consequences of the conflict in the Middle East, in which the VAT reduction to 10% on fuels included in the first anti-crisis measures package of March was eliminated.
However, the reduction of the special hydrocarbon tax (IEH) was approved, which resulted in a reduction of 15 cents/liter in July, 10 cents starting from August 1, and, in principle, was expected to be five cents in September, although it will ultimately rise to 20 cents per liter for diesel starting next month due to the sharp increase in its price in July.
The reduction in fuel taxation had led to five consecutive declines and an accumulated decrease of up to 11% for diesel, and to annual lows for gasoline.
August, one of the months with the most road traffic
This increase coincides with August, one of the months with the most vehicle movements due to vacations, with 54.5 million long-distance trips expected for the entire period, according to the General Directorate of Traffic (DGT).
In fact, from this Friday until midnight next Monday, August 31, the last special traffic operation of the summer will take place, with an estimated 6.9 million trips due to the return operation from the August holidays.
After these eight weeks of increases, the average price of diesel and gasoline is very close to 1.883 euros and 1.733 euros per liter, respectively, levels that were reached in the week prior to the entry into force in March of the first fiscal measures of the Government to curb the impact on prices of the war in Iran.
Filling the diesel tank costs almost 25 euros more than a year ago
With the current rates, filling a standard 55-liter diesel tank costs 102.35 euros, which represents about 24.91 euros more than a year ago, when it was around 77.44 euros.
In the case of gasoline vehicles, refueling an average 55-liter tank now implies an expense of about 94.76 euros, almost 13.5 euros more than twelve months ago, when the cost was 81.29 euros.
Despite the escalation in recent months following the start of the conflict in Iran, the two fuels are still far from the historical highs of the summer of 2022, when in July gasoline reached 2.141 euros and diesel 2.1 euros per liter.
The final price of fuels is determined by various elements, such as their own quotation (different from that of oil), the evolution of crude, the tax burden, the cost of raw materials and logistics, in addition to the gross margins of the companies.
Moreover, movements in the crude quotation do not reflect immediately at the pump, but do so with a certain time lag.
Spain maintains prices below the European average
With the current levels, the price of unleaded 95 gasoline in Spain continues to be below the average of the European Union, which is at 1.941 euros per liter, and of the eurozone, where it is paid on average at 2.025 euros.
As for diesel, its price in Spain also remains below the community average, which is at 2.063 euros, and of the eurozone, where it reaches 2.119 euros per liter.