New week, new fuel adjustments: Prices are expected to show mixed behavior starting this Monday, as outlined in the forecasts released on Friday by the Automobile Club of Portugal (ACP).
Diesel prices are expected to increase by three cents, while gasoline prices are projected to decrease by one cent.
Currently, regular diesel is priced at 1.609 euros per liter, and regular 95 gasoline is costing 1.734 euros per liter, according to the latest average prices updated by the Directorate-General for Energy and Geology (DGEG) on the Fuel Prices Online website.
Where are the cheapest prices?
The latest data released by DGEG on the Fuel Prices Online website indicates the following stations as the most economical:
To find the cheapest gas stations near you, you can access this link and select the option ‘filter by municipality’ at the top, then click on the respective district from the list presented. Finally, you should choose the municipality you wish to consult, as well as the type of fuel.
What’s happening with oil in international markets?
The price of Brent crude oil for January delivery closed on Thursday in the London futures market down by 0.20%, at $63.38.
North Sea crude, a benchmark in Europe, closed the session on the Intercontinental Exchange trading 13 cents below the $63.51 it ended at on Wednesday.
This price variation occurs as Ukraine is being pressured by the US to accept peace with the Russian Federation by ceding territories and reducing armed forces.
The Ukrainian president, Volodymyr Zelensky, received the new plan today, drafted by the Kremlin and the White House, excluding Ukraine from the negotiations.
Zelensky announced plans to meet with Trump in the coming days to discuss the issue.
Meanwhile, the market remains on edge about the upcoming US sanctions on major Russian oil companies, Rosneft and Lukoil, set to take effect this Friday, and their potential impact on global supply.
End of the ISP discount? Brussels, “for now, has not set any date”
Finance Minister Joaquim Miranda Sarmento stated that the European Commission “has not set any date” for ending the discount on the Tax on Oil Products and Energy (ISP), which will be phased out to avoid raising prices.
“The Commission, for now, has not set any date, any calendar, but it has continued to emphasize that Portugal, among other countries—I believe there are about 10 more—must reverse these discounts on fuel taxation,” said Joaquim Miranda Sarmento.
Speaking to Portuguese journalists in Brussels after the EU finance ministers meeting, the official explained 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 gradualism or its end,” Joaquim Miranda Sarmento stated.
Following criticism from Brussels, since 2023, the government now plans to gradually withdraw the benefit related to ISP.
This concerns discounts on ISP for purchasing gasoline and diesel, supports introduced in 2022 and 2023 following the energy crisis linked to the war in Ukraine and high inflation.
The government did not include in the State Budget proposal for 2026 (OE2026) any forecast for eliminating these discounts and has already indicated that the process should be gradual.
The Finance Ministry assures it is working on a solution that does not increase fuel prices, noting that they will start withdrawing the benefit during periods of price reductions.
This exercise arises from the European Commission’s recommendations for reducing these discounts, as they are exceptional measures intended to ease the impact of rising fuel prices.
Eliminating the current ISP discount and updating the carbon tax rate would generate an additional revenue for the State of 1.132 billion euros, estimates the Public Finance Council.
