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Drivers filling up for the traditional August getaway are facing the highest fuel prices for this time of year since 2023, following a fourth consecutive weekly increase at petrol stations across Spain.

 

According to the latest figures from the European Union Oil Bulletin, the average price of petrol has climbed to €1.644 per litre, up almost 4% on last week. Diesel has risen even more sharply, jumping 6.16% to an average of €1.722 per litre.

 

The latest increases come after the government ended the temporary reduction in VAT on fuel at the start of July, returning the rate to 21%. Although a temporary cut to fuel duty was introduced to soften the blow, industry groups warned it wouldn't be enough to offset the higher VAT, and prices have continued to climb.

 

Naturally, the timing couldn't be worse for holidaymakers. Spain's traffic authority, the DGT, expects around 5.6 million journeys to be made during the first phase of the August holiday exodus between Friday and Sunday, meaning millions of drivers will be paying more to fill up before setting off.

 

For motorists with a typical 55-litre fuel tank, the difference is becoming increasingly noticeable. Filling a diesel car now costs around €94.71, almost €16 more than at the same time last year. Petrol drivers can expect to pay around €90.42 for a full tank, roughly €8.50 more than a year ago.

 

Despite the recent rises, fuel prices remain well below the record highs seen during the energy crisis in the summer of 2022, when petrol topped €2.14 per litre and diesel reached €2.10.

 

Pump prices are influenced by several factors, including global oil prices, taxes, transport costs and retailer margins. Any changes in the price of crude oil also tend to take time to filter through to filling stations, meaning drivers could continue to see fluctuations over the coming weeks.