The week begins with an increase in fuel prices, with this increase expected for both diesel and gasoline.
The increases are projected to be 0.5 cents for both cases, the Automóvel Club de Portugal (ACP) indicated, citing industry sources on Friday.
“Next week will again bring changes in fuel prices, with forecasts pointing to a rise in the prices of diesel and gasoline. According to industry sources, both diesel and gasoline prices are expected to increase by 0.5 cents,” stated ACP.
At a time when, according to the Direção Geral de Energia e Geologia (DGEG), the “average price of a liter of diesel in Portugal was 1.537 euros on this Friday (August 22), while the average price of a liter of gasoline totaled 1.691 euros.”
“If the forecasts for next week are confirmed, the average price of simple diesel should rise to 1.542 euros per liter (€/l). Meanwhile, the average price of simple gasoline 95 is set to advance to 1.696 €/l,” it reads.
These forecasts, ACP advances, “are made based on the assumption of maintaining the extraordinary tax reduction measures applied by the government, to mitigate price increases. The measures in force include a reduction of the Excise Duty on Oil Products (ISP) and compensation for the additional VAT revenue.”
Where is it cheapest to refuel?
According to data from the Direção-Geral de Energia e Geologia (DGEG), these are the cheapest refueling stations in the country:
To check the cheapest refueling stations near you, you can access this link and select the ‘filter by municipality’ option at the top, then click on the respective district in the list that will be presented. Finally, you should select the municipality you wish to consult, as well as the type of fuel.
How is oil performing in international markets?
The price of Brent crude for delivery in October ended Thursday on the London futures market up by 1.24%, to 67.67 dollars, rising for the second consecutive day.
The North Sea crude, a benchmark in Europe, closed the session on the Intercontinental Exchange quoting 0.83 dollars above the 66.84 dollars with which it ended transactions on Wednesday.
Brent oil reacted positively for the second consecutive session due to the perception of market stagnation in peace negotiations between Russia and Ukraine and the latest data on US crude reserves, suggesting that oil demand remains strong, despite geopolitical and commercial volatility.
According to Forex market analyst Julián Pineda, the diplomatic impasse in peace negotiations between Moscow and Kiev, despite efforts by the European Union and the United States, “increases the risk that Western countries may impose additional sanctions, further restricting Russian oil flows as a leverage measure.”
The market is confident that a negotiated agreement to end the conflict is imminent and, with it, the relief or suspension of sanctions on Russian crude.
US President Donald Trump declared that he is negotiating a future bilateral meeting between his Russian and Ukrainian counterparts, Vladimir Putin and Volodymyr Zelensky, respectively, to reach a peace agreement on Ukraine, although some controversial points still need to be resolved, such as possible land exchanges between the two nations or future security guarantees for Kiev.
