The price per liter of diesel should increase 15 cents and gasoline 12 cents next week, if the current trend continues, according to the estimate from the Automobile Club of Portugal (ACP). Based on values from the Directorate-General for Energy and Geology (DGEG), the average price of simple diesel should reach 2.169 euros per liter, while simple 95 gasoline should rise to 2.142 euros per liter.
The final average will only be confirmed at the end of the day, and may still undergo changes depending on the evolution of international oil quotations, and the final cost at the pump may vary according to the fuel station, brand and location. The update of the Petroleum Products Tax (ISP) discount may also alter the forecasted values.
The Government committed to applying an extraordinary and temporary reduction in ISP, whenever there is an increase in fuel prices exceeding 10 cents, to mitigate the price escalation.
Fuel prices continue to be impacted by the war in Iran, geopolitical tension in the Middle East and the consequent closure of the Strait of Hormuz, through which 20% of oil and natural gas trade passes. The price of Brent crude oil, the European benchmark, was down 0.51% to 95.03 dollars per barrel in the morning, but remained 6.6% above that recorded on Friday morning last week.
