Prime Minister Luís Montenegro announced this Friday that the discount on the Excise Tax on Petroleum Products (ISP) applied to fuels already totals "around 700 million euros" in 2026. During a visit to the 35th Dão Wine Fair, in Nelas, Viseu, Montenegro admitted that the Government could adopt new measures if prices remain at the levels recorded over the past four weeks.
The executive leader guaranteed that the State is not collecting more VAT revenue from the rise in fuel prices, explaining that it is "returning in ISP discount exactly the corresponding amount to the VAT increase". Montenegro also stated that "we are all being harmed, there is no one who is benefiting from the prolongation of the conflict in the Middle East".
Oil prices rose significantly once again, with the commodity surging around 8% in London and 9% in New York, marking the biggest weekly increase since July, when tensions between the USA and Iran flared up again.
Faced with the prospect of a sharp rise in prices expected next week, for both diesel and gasoline, the Government decided to reinforce the ISP 'discount', cushioning that increase by "around three cents" per liter. Thus, diesel is expected to rise by around 12 cents per liter, to around 2.12 euros, while 95-octane gasoline is expected to reach 2.1 euros after a nine-cent rise starting Monday.
