A new week has begun, and it brings unwelcome news for drivers: both gasoline and diesel prices are expected to rise, as forecasted by the Automóvel Club de Portugal (ACP).
This estimate, announced on Friday, highlights a notable increase in one of the fuels. According to the ACP, starting Monday, the price of simple diesel is set to increase by 0.5 cents, while simple 95 gasoline will see a 3-cent hike.
“If the predictions for the coming week are confirmed, the average price of simple diesel will settle at 1.609 euros, and simple 95 gasoline will rise to 1.735 euros,” states the note published on the website.
It should be noted that diesel prices have been on the rise for several consecutive weeks, increasing by 4.5 cents and 1.5 cents per liter in the last two weeks, respectively. This week’s increase might be considered the most modest in the past three weeks.
Meanwhile, simple 95 gasoline has experienced constant fluctuations, having decreased by half a cent last week.
The price of Brent crude oil for January delivery ended on a downward trajectory on Thursday in the London futures market, closing at $63.38, a decline of 0.22%.
The North Sea crude, a benchmark in Europe, closed the session at the Intercontinental Exchange, priced at 14 cents less than the $63.52 it fetched at the end of Wednesday’s transactions.
Brent remained in negative territory due to persistent weak demand globally, particularly in the US and China.
This structural issue has been compounded by the dollar’s appreciation and the OPEC+ decision to increase production by 137,000 barrels per day in December, maintaining this output level at least through the first quarter of 2026.
OPEC+ includes members of the Organization of the Petroleum Exporting Countries along with allies such as Russia.
The elimination of the current discount on the Tax on Petroleum and Energy Products (ISP) in 2026 will be executed “as gradually as possible” to avoid affecting the final fuel price, assured the Finance Minister.
In the debate on the 2026 State Budget proposal (OE2026) at the Committee on Budget, Finance, and Public Administration in Parliament, Minister Joaquim Miranda Sarmento reminded that the State’s support reversal is an obligation of the European Commission, concerning a “temporary discount created in 2022” when, at the onset of the Ukraine war, oil prices “reached $120-130 per barrel, while today it stands at $60.”
“The reversal of the ISP discount will always be as gradual as possible to ensure no impact on the final price of gasoline and diesel,” Miranda Sarmento assured when questioned by Chega MP Pedro Pinto about whether the reversal would be gradual or if there would be a 100% cut in the discount.
The minister emphasized the temporary nature of the discount and insisted that its elimination would be handled, “as much as possible,” aiming to “protect the gas station fuel prices.”
“Except for Spain, Portugal doesn’t have significantly higher fuel prices than most other eurozone countries,” he said.
