Fuel prices in Portugal fall by up to 9.5 cents this Monday
Petrol and diesel prices see decreases, but government tax adjustments and geopolitical tensions limit the extent of the relief.
Quick Look
- Fuel prices in Portugal fell this Monday, though less than expected due to government tax adjustments.
- Minister Maria da Graça Carvalho warns that global refinery damage and Middle East conflict will keep price trends volatile and decreases slow.
AI-generated summary
Why It Matters
Fuel prices are influenced by global refinery damage in the Middle East, Russia, and Ukraine. Portugal relies on diverse import sources including Brazil, Algeria, and Nigeria.
If you filled up your car this Monday, you will have noticed that the amount you paid allowed you to put a little more fuel in the tank than has been usual since Donald Trump and Netanyahu attacked Iran at the end of February. This morning, petrol in Portugal was 9.5 cents cheaper and diesel was down 9 cents.
It was supposed to fall further. According to an estimate by the Automóvel Clube de Portugal (ACP), the price of petrol should have fallen by 12.5 cents and that of diesel by 11 cents, but as the government reduced the extraordinary discount on the Imposto sobre os Produtos Petrolíferos (ISP), prices at a petrol station in central Lisbon this Monday were €1.92 for regular 95 petrol and €2.13 for premium diesel, according to the simulator available on the DGEG portal.
Ups and downs will continue, with slower decreases
The fall in fuel prices could "be very slow", according to the Minister for the Environment and Energy.
In comments to Rádio Renascença, Maria da Graça Carvalho admitted that the "trend is down", but the minister recalled that this development depends on external factors, such as the "destruction of refineries", not only in the Middle East but also "in Russia and Ukraine", whose facilities will take "a very long time to be rebuilt, repaired or even built from scratch".
The war in Iran and the resulting closure of the Strait of Hormuz, as well as the continued attacks on oil tankers trying to cross the Persian Gulf since March this year, are affecting fuel prices in Portugal and worldwide.
Although Portugal secures its supply of crude oil from other regions, such as Brazil, with about 42.3% (in 2025), Algeria (19.6%), Nigeria (10.6%), Azerbaijan (10%) and the US (7.6%), our country is affected by the price, "because it is global", the minister also stressed.
On Friday, the price of a barrel of Brent closed at 98.68 dollars, 15.11 dollars (13.32%) less than the previous week (Friday 30 October), and at 15:00 this Monday Brent was trading at 94.00 dollars per barrel.
This easing in benchmark prices is a good indicator of further falls. However, the uncertainty surrounding the conflict between the US, Israel and Iran means fuel prices remain highly volatile.
Open Questions
- How long will the ISP tax discount remain reduced?
- Will refinery repairs stabilize global oil supply?
