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Fuel prices across Spain have been creeping upwards since tensions escalated in the Middle East at the end of February and drivers are really starting to feel the impact despite the government’s tax cuts.

 

Although Spain doesn’t import oil directly from Iran, the country is still exposed to the global price fluctuations. The conflict has pushed the price of Brent crude close to $100 a barrel, and that increase is gradually filtering down to petrol stations across the country.

 

At the moment, the average price of petrol in Spain sits at around €1.53 per litre, up from roughly €1.47 before the conflict began. Diesel remains significantly higher at about €1.88 per litre, despite a small daily drop.

 

The underlying reasons are rising crude oil prices and higher wholesale costs, which are feeding directly into what drivers pay at the pump, and there are concerns that prices could climb further in the coming weeks if the situation doesn’t stabilise.

 

Much of the disruption centres on the Strait of Hormuz, a key shipping route through which around 20% of the world’s oil supply normally passes. Following attacks on vessels in the area, traffic has been severely affected, with shipments delayed and supply routes under pressure.

 

That has created a knock-on effect across international markets, tightening supply and pushing prices up globally, including in Spain.

 

There are also big differences depending on where you fill up. In the Alicante town of Algueña, diesel reached €2.209 per litre earlier this week, making it one of the most expensive spots in the country. At the other end of the scale, drivers in Figueres found diesel for as little as €1.459.

 

Petrol prices show a similar gap. A station in Alhama de Murcia has been among the most expensive for two weeks running, charging €2.099 per litre, while some stations in Utrera have dropped as low as €1.289.

 

For now, the slight day-to-day dips offer a bit of relief, but the wider trend is still pointing upwards, and much will depend on how the situation in the Middle East develops in the weeks ahead.