100 euros the deposit: seventh week of increase in fuel prices
Gasoline and diesel have not stopped getting more expensive since the end of the VAT reduction
BarcelonaThe price of fuels has continued this week with an upward trend, chaining the seventh consecutive increase, so it accumulates an increase of more than 21.5% since the VAT reduction to 10% expired at the beginning of last July. Specifically, the average price per liter of diesel fuel has increased by 0.38% this week compared to the previous one, to stand at 1.828 euros, the highest level since mid-April. The average price per liter of gasoline has risen this week to 1.705 euros, after becoming 0.17% more expensive compared to last week, to remain at its highest since the week of April 23.
With these new antlers, collected at the EU Oil Bulletin, the price of diesel has accumulated an increase of more than 21.5%, while that of gasoline adds a rise of 18.5% since the beginning of July, when the VAT reduction was suppressed. This rebound and change in trend in fuel prices was consolidated after on June 29 the Spanish government approved a royal decree-law to address the consequences of the conflict in the Middle East, in which the VAT reduction to 10% for fuels included in the first package.
Despite this, the reduction of the special hydrocarbon tax (IEH) was approved, which meant a reduction of 15 cents per liter in July, 10 cents from August 1st, and although it was initially planned to be 5 cents in September, it will finally rise to 20 cents per liter in the case of diesel fuel because in July the price increase that had been set as a ceiling to recover the reduction was exceeded.
Before summer, the tax cut on fuels had caused fuel prices to fall five times, accumulating a decrease of up to 11% for diesel and remaining close to annual lows for gasoline.
These rising fuel prices also coincide with August, which is one of the periods of the year with the most vehicle movements due to the holiday season. In this way, after the increase in recent weeks, the average price of diesel and gasoline is approaching 1.883 euros and 1.733 euros per liter, respectively, which were reached the week before the entry into force, in March, of the Spanish government's first fiscal measures to contain the impact of the war in Iran on prices.
100 euros the deposit
With this week's prices, filling an average 55-liter diesel tank costs 100.54 euros, about 22.77 euros more than a year ago, when it was around 77.77 euros. For gasoline vehicles, currently, filling an average tank (55 liters) requires an outlay of about 93.77 euros, almost 12.4 euros more than a year ago, when it stood at 81.4 euros.
Despite the upward trend in recent months since the outbreak of the conflict in Iran, both fuels have always remained far from the peaks recorded in the summer of 2022, in July, when gasoline reached 2.141 euros and diesel 2.1 euros.