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Spain's fuel prices are heading upwards again and drivers are really starting to feel it at the pumps.

 

The average price of petrol has risen for the fifth consecutive week, with the latest figures showing a particularly sharp jump. Petrol is now averaging €1.687 per litre, up 4.1% in just one week, while diesel has climbed 2.6% to €1.793 per litre.

 

For anyone filling up before a long summer road trip, that adds up quickly. An average 55-litre diesel tank now costs around €98.45, while filling the same-sized petrol tank comes to approximately €92.40.

 

That's around €20 more for diesel and €11 more for petrol than during the same week last year.

 

The latest figures from the European Union's Oil Bulletin put fuel prices at their highest level since the week of March 23, although they're still some way below the record prices seen during the energy crisis of 2022.

 

Part of the recent increase can be traced back to changes introduced by the Spanish government in July. The temporary reduction in VAT on fuel came to an end, returning the rate from 10% to the standard 21%.

 

At the same time, international fuel markets have been under pressure.

 

The Spanish Fuel Industry Association (AICE) described the situation as having a “double effect”, with the return of higher VAT coinciding with tighter international markets and disruption around the Strait of Hormuz.

 

The Directorate General of Traffic (DGT) is forecasting around 55 million road journeys in August, meaning the higher prices are likely to be felt by families heading away on holiday as well as those making shorter trips.

 

Despite the latest increases, Spain's fuel prices remain below the European average. Across the EU, a litre of 95-octane petrol currently costs around €1.952, compared with €2.043 for diesel.

 

Prices are also still below the levels reached earlier this year following the outbreak of the conflict in the Middle East. Diesel peaked at €1.883 per litre in March, meaning a 55-litre tank would have cost more than €103.

 

The figures are a long way from the summer of 2022, when petrol reached €2.141 per litre and diesel hit €2.10 during the energy crisis that followed Russia's invasion of Ukraine.

 

How much drivers pay at the pumps depends on far more than the price of crude oil. Taxes, refining costs, transport, logistics and fuel companies' margins all play a part, while changes in the oil market don't necessarily show up immediately at petrol stations.