Road fuel sales prices fall in 2nd quarter – Apetro

Date:

Share post:

The average retail prices of gasoline 95, diesel and LPG fell in the second quarter, year-on-year and compared to the previous three months, in line with international quotations, informed today Apetro.

“Compared to the previous and homologous quarters, in the second quarter of 2023 the PMVP [average retail price] of gasoline 95 was respectively lower by 0.7 cents/l (-0.4%) and by 34.6 c/l (-17.1%), that of on-road diesel by 10.9 c/l (-6,The Portuguese Association of Oil Companies (Apetro), which published the report on the evolution of the Market for Road Fuels for the second quarter, concluded that “the price of LPG was 10.9 cents/l (-6.9%) and 43.6 cents/l (-23.0%), and that of LPG was 6.3 cents/l (-7.4%) and 16.2 cents/l (-17.0%).

According to the association, the variations of the average pre-tax prices (PMAI) and the PMVP of gasoline, diesel and LPG Auto followed the decrease in international quotations, with the variation being higher in relation to the same quarter.

The decrease in PMVP in gasoline 95 in the quarter under review, compared to the previous quarter, was due to the drop in price by 0.9 cents per liter (c/l), the extra cost of incorporating biofuel by 0.3 c/l, and the costs of storage, distribution and marketing by 0.8 c/l, while the tax on petroleum products (ISP) increased by 1.4 c/l.

In the case of road diesel, the decrease in PMVP in the same period was mainly due to the decrease in prices by 12.4 c/l, but also to the extra cost of incorporating biofuel by 0.8 c/l, while storage, distribution and marketing costs increased by 0.9 c/l and the ISP by 3.4 c/l.

Regarding LPG Auto, the decrease in PMVP was mainly driven by the decrease in quotations by 6.7 c/l and the overcost of biofuel incorporation by 0.8 c/l, with storage, distribution and marketing costs increasing by 1.2 c/l and ISP by 1.2 c/l.

In terms of tax burden, the ISP increased, on average, 1.4 c/l in 95 gasoline, 3.4 c/l in road diesel and 1.2 c/l in LPG Auto in the second quarter of 2023, while the VAT decreased in all products, as a result of the decrease in PMVP.

Apetro also pointed out that the tax burden between April and June represented 50.4% in gasoline 95, 45.7% in diesel and 41.2% in LPG Auto.

Regarding the quarter’s average values and in relation to Spain, the PMVP practiced in Portugal, in comparison with Spain, were higher in 95 gasoline (+6.5 c/l), road diesel (+0.8 c/l) and lower in LPG Auto (-15.9 c/l).

Compared to the euro zone average, PMVP were lower for 95 gasoline (-10.8 c/l), highway diesel (-14.4 c/l) and LPG Auto (-0.2 c/l).

However, Apetro stressed that, “as the European Commission states, there must be some reservation in this comparison, since the reporting of prices is not uniform and the level of incorporation of biofuels, like their tax treatment, is not the same in all countries.

Related articles

Exhibition at Torre do Tombo marks 250 years of Portuguese-Moroccan relations

The peace treaty between Portugal and Morocco, from 1774, will be on display from Friday at the Torre...

Average gross income per household increased by 19% between 2015 and 2020

The average gross income declared per family increased by 19% between 2015 and 2020, to 19,866 euros, with...

Madeira government announces 30% reduction in personal income tax across all tax brackets by 2028

The Regional Government of Madeira indicated today that it will apply the 30% tax differential in all IRS...

Chico Buarque’s new novel to be published in Portugal in September

Chico Buarque's new novel, "Bambino a Roma", which mixes fiction with memories of the time when the writer...