PETROL prices in Spain are at their highest level since March when hostilities started against Iran.
The cost of fuel has clocked up its ninth consecutive rise in the week between August 25 and August 31.
That means means a hike of 24% since the government VAT reduction started being phased out at the beginning of July.
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The European Union Oil Bulletin however does not take account of a 20 cents per litre cut in VAT on diesel, which was reinstated on Tuesday.
The bulletin says the average price of a litre of diesel rose in the week up to August 31 by 0.21% compared to the previous week- standing at €1.86 euros.
The average price of a litre of petrol climbed to €1.73 after rising by 0.52%.
At the start of the Iraq crisis, the average price of diesel and gasoline stood at €1.88 and €1.73 per litre respectively- meaning that at the end of August, costs were back to where they were at the start of the conflict in early March.
The recent price hikes in Spain were inevitable after the government approved a royal decree on June 29 to start phasing out a 20 cents per litre subsidy on both petrol and diesel.
This meant which meant a lower cut of 15 cents per litre in July, 10 cents in August and, 5 cents in September.
With diesel prices surpassing those of petrol, the government reintroduced the 20 cents subsidy from September 1.
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