The fuel prices are expected to display a mixed trend at the start of next week, as forecasted by the Automóvel Club de Portugal (ACP) on Friday.
The price of diesel is likely to increase by three cents, while gasoline is expected to decrease by one cent.
Currently, the average price for simple diesel in Portugal is 1.609 euros per liter, whereas simple gasoline 95 costs 1.734 euros per liter, according to the latest figures updated by the Direção-Geral de Energia e Geologia (DGEG) on the Preços dos Combustíveis Online website.
Internationally, Brent crude oil for January delivery ended on Thursday on the London futures market down 0.20%, at 63.38 dollars per barrel.
The North Sea crude, a reference in Europe, closed the session on the Intercontinental Exchange priced at 13 cents below the 63.51 dollars it closed at on Wednesday.
This fluctuation occurs amid Ukraine being pressured by the US to accept a peace agreement with Russia, involving the concession of territories and the reduction of armed forces.
Ukrainian President Volodymyr Zelensky received a new plan today, proposed by both the Kremlin and the White House, excluding Ukraine from the discussions.
Zelensky announced his intention to meet with Trump in the coming days to discuss the matter.
Meanwhile, the market remains on edge regarding the implementation of US sanctions on major Russian oil companies Rosneft and Lukoil, set to begin this Friday, and their potential impact on global supply.
In Brussels, Finance Minister Joaquim Miranda Sarmento stated that the European Commission has “not imposed any date” to end the discount on the Tax on Petroleum and Energetic Products (ISP), with a gradual phase-out planned to avoid price hikes.
“The Commission, so far, has not imposed any date or schedule, but it continues to emphasize that Portugal, among other countries – I believe there are about 10 more – must reverse these fuel tax discounts,” said Joaquim Miranda Sarmento.
Speaking to Portuguese journalists in Brussels after the EU finance ministers’ meeting, the minister noted that “the end of the ISP discount, the reversal of the ISP discount, will be as gradual as possible.”
“Therefore, we cannot anticipate either the gradual process or its end,” Joaquim Miranda Sarmento stressed.
Following criticism from Brussels since 2023, the government is now starting to gradually reduce the ISP-related benefits.
The discounts in question involve reductions on ISP for gasoline and diesel purchases, measures introduced in 2022 and 2023 in response to the energy crisis related to the war in Ukraine and high inflation.
The government has not included any projection for eliminating these discounts in the proposed State Budget for 2026 (OE2026) and has signaled that the process should be gradual.
The Finance Ministry has assured that it is working on a solution that will not raise fuel prices, indicating the benefit will start to be withdrawn during periods of price reduction.
This move is prompted by the European Commission’s recommendations to reduce these discounts, as they are exceptional measures aimed at mitigating the impact of the fuel price increase.
The removal of the current ISP discount and the update of the carbon tax rate would generate additional revenue for the state coffers, estimated at 1.132 billion euros, according to the Public Finance Council.
