This week begins with variations in fuel prices, as diesel is expected to become slightly more expensive while gasoline should become cheaper.
According to forecasts released by the Automóvel Club de Portugal (ACP) on Friday, diesel is expected to increase by 0.5 cents, and gasoline is expected to decrease by 0.5 cents.
“The upcoming week will be marked by changes in fuel prices, with predictions indicating a half-cent increase in diesel prices, while gasoline prices should fall by half a cent,” stated the ACP.
At a time when, according to the Direção Geral de Energia e Geologia (DGEG), the average price per liter of diesel in Portugal was 1.545 euros on Friday (August 29), while the average price per liter of gasoline totaled 1.698 euros.
“If the forecasts for next week are confirmed, the average price of simple diesel will rise to 1.550 euros per liter (€/l). Meanwhile, the average price of simple gasoline 95 will decrease to 1.693 €/l,” noted the ACP.
It further emphasized that “these forecasts are made based on the assumption that the extraordinary measures of tax reduction applied by the government to mitigate price increases remain in place.”
“The measures in effect include the reduction of the Imposto sobre Produtos Petrolíferos (ISP) and the compensation of additional VAT revenue,” it noted.
Where is it cheapest to refuel?
According to data from the Direção-Geral de Energia e Geologia (DGEG), these are the most economical fuel stations in the country:
To find the cheapest stations near you, access this link and select the ‘filter by municipality’ option at the top, then click on the respective district in the list. Finally, choose the municipality you wish to check, along with the type of fuel.
How is oil performing in international markets?
The price of Brent oil for October delivery closed on Friday at the London Futures Market with a decrease of 0.73%, reaching 68.12 dollars.
North Sea crude, a reference point in Europe, ended the session on the Intercontinental Exchange 50 cents below the 68.62 dollars it closed at on Thursday.
The week concluded with Brent in decline, attributed to the shift in investors’ focus towards the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, known as OPEC+, where decisions about increasing production to regain market share are being deliberated, yet it is feared this might lead to an oversupply.
U.S. oil stocks dropped more than expected in the week ending August 22, but investors anticipate reduced demand for fuel with the end of summer and the holiday season.
The value of oil fluctuated throughout the week between gains and losses, influenced by developments in the Russian invasion of Ukraine, particularly the potential disruption of Russian oil supplies following recent Ukrainian attacks on Russian refineries and recent tariffs imposed by Donald Trump on India for purchasing Russian oil.
