Fuel prices are set to fluctuate next week, specifically affecting diesel, while gasoline prices are expected to remain unchanged. This information was reported on Thursday.
Industry sources consulted by the Automóvel Club de Portugal (ACP) indicate that the price of diesel is expected to decrease by 1.5 cents, whereas simple 95 gasoline is anticipated to stay at current levels.
“If the forecasts for next week are confirmed, the average price of simple diesel should drop to 1.538 euros per liter, while simple 95 gasoline will remain at 1.693 euros per liter,” states the ACP website.
This comes 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 1.553 euros as of Thursday (August 14), while gasoline was priced at 1.693 euros.”
The ACP notes that “these forecasts are based on the assumption that the government’s extraordinary measures for reducing taxes, to mitigate the price increases, will continue.”
“The measures in place include the reduction of the Tax on Petroleum Products (ISP) and the compensation of additional VAT revenue,” it reads.
What is happening in the oil market?
The price of Brent crude for October delivery ended on Wednesday in the London futures market, down 0.74%, at 65.63 dollars.
The North Sea crude, a reference in Europe, closed the session on the Intercontinental Exchange at 66.12 dollars, 0.49 dollars lower than Tuesday’s transaction closing.
Brent lost ground after the International Energy Agency (IEA) warned in its monthly report that additional oil production by the Organization of the Petroleum Exporting Countries (OPEC) and allies risks disrupting the crude market balance.
The IEA reduced the estimates for global consumption to an average of 103.737 million barrels per day (mbd) for 2025, a decrease of 20,000 barrels from its July forecast.
Conversely, OPEC slightly revised upward its global crude demand forecast for 2026 this week, although it maintained the projections for 2025.
This decision reinforced the group’s optimistic outlook, which has supported the monthly production increases implemented since April to reverse the voluntary cuts adopted in 2023.
Investors continue to anticipate the scheduled talks between U.S. President Donald Trump and Russian counterpart Vladimir Putin on Friday in Alaska, concerning the war in Ukraine, a situation affecting oil markets since February 2022.
U.S. Treasury Secretary, Scott Bessent, warned that if the meeting is not successful, additional sanctions or secondary tariffs on Moscow may be increased, a sentiment echoed by about 30 leaders in a joint video conference with Trump.
