The Portuguese Government announced it will change legislation to expand the acting powers of the Energy Services Regulator (ERSE), strengthening the sanctioning powers across the entire fuel chain, including refining. The Minister of the Environment, Maria da Graça Carvalho, revealed this decision at a time of severe energy crisis in the country.
The measure comes after a record rise in fuel prices, with diesel increasing ten cents and gasoline eight cents on a Monday, values that already include the discount on the Excise Duty on Petroleum Products. The Executive argues that it is not profiting from these rises, highlighting that the entire VAT increase was used to offset the ISP totaling 700 million euros, with an ISP discount of 23 cents currently in effect.
ERSE, led by Pedro Verdelho, had already carried out a study on the formation and evolution of road fuel prices in mainland Portugal. In that document, the regulator concluded there are no signs of irregularities in the national fuel market, nor reasons for setting prices or maximum margins.
