100 euros the deposit: seventh week of fuel price increase

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% lapsed at the beginning of last July. Specifically, the average price per liter of diesel has increased this week by 0.38% 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 increasing by 0.17% 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 abolished. This rebound and change in trend in fuel prices consolidated after the Spanish government approved a royal decree-law on June 29 to address the consequences of the conflict in the Middle East, in which the VAT reduction to 10% for fuels that had been included in the first package.

Despite this, the reduction of the special hydrocarbon tax (IEH) was approved, which meant a decrease of 15 cents/liter in July, 10 cents from last August 1st and, in principle, was planned for five cents in September, although it will finally be raised to 20 cents per liter for diesel fuel because in July the price increase that had been set as a ceiling to recover the reduction was exceeded.

Before summer, the reduction in fuel taxation had caused fuels to register five drops and accumulate a decrease of up to 11% for diesel and 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 highest number of vehicle journeys due to the holiday season. Thus, after price increases in these last seven weeks, the average price of diesel and gasoline are thus approaching 1.883 euros and 1.733 euros per liter, respectively, which they reached the week before the Spanish government's first fiscal measures to contain the impact of the war in Iran on prices came into effect in March.

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) represents 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 highs recorded in the summer of 2022, in July, when gasoline reached 2.141 euros and diesel 2.1 euros.