The Portuguese government will increase the Excise Duty on Petroleum and Energy Products (ISP) discount starting Monday, with support rising to 97.58 euros per 1000 liters for road diesel and 65.92 euros per 1000 liters for unleaded gasoline. This week, the discounts were 71.63 euros for diesel and 51.62 euros for gasoline per 1000 liters. The decision was published this Friday in the Official Gazette.
The reinforcement of support comes because a diesel price increase and a gasoline price decrease are expected next week. According to a market source cited by ECO, diesel is expected to rise by five cents and gasoline to fall by five cents, while the National Association of Fuel Retailers (ANAREC) points to a two-cent rise in diesel and a four-cent reduction in gasoline.
This week, diesel ultimately rose by 7.5 cents (after a 3.7-cent reduction the previous week) and gasoline rose by eight cents, representing the largest increase since July for diesel and the largest in more than three years for gasoline. Since March, when the coordinated attack by the United States and Israel on Iran occurred, diesel shows a cumulative increase of 47.4 cents and gasoline of 39 cents.
Brent futures contracts are down 2.92% to 104.72 dollars, at a time when the International Energy Agency (IEA) has drastically revised downward its forecasts for global oil demand, predicting a contraction of 2.5 million barrels per day in 2026. Despite this Friday's decline, the market is betting on a weekly increase of 10%, the most significant since July 17.
