This week began with a decrease in fuel prices, aligning with forecasts made at the end of last week, based on the average prices updated by the Directorate-General for Energy and Geology (DGEG). What are the figures? Let’s do the math.
Unleaded 95 gasoline dropped from 1.721 euros per liter to 1.694 euros per liter between Friday and Monday, reflecting a reduction of 2.7 cents.
Meanwhile, diesel fell from 1.613 euros per liter to 1.577 euros per liter over the same period. This represents a decrease of 3.6 cents.
The daily average prices, published by the DGEG, “are determined based on the prices reported by fuel stations, weighted with the quantities sold in the last known period, incorporating discounts applied at the stations such as fleet cards and others.” This data is derived from information from 2,959 active fuel stations.
What did the forecasts indicate?
The forecasts suggested diesel should be about four cents cheaper, while gasoline was expected to drop by 3.5 cents, according to estimates disclosed by the ACP, citing industry sources.
This indicates that fuel prices decreased, although not as much as predicted.
These reductions follow price increases observed at the beginning of the week, which saw a rise of 6.7 cents for diesel and 2.4 cents for gasoline, based on the daily average prices released by the Directorate-General for Energy and Geology (DGEG).
How is oil performing?
The significant increase at the start of last week was triggered by escalating conflicts in the Middle East, which caused a spike in oil prices on international markets. However, as the week progressed, this trend eased.
The Brent crude oil futures for August delivery closed on Monday on the London futures market with a 0.24% decline, settling at 67.61 dollars.
The North Sea crude, a European benchmark, ended the session on the Intercontinental Exchange quoting 16 cents below the 67.77 dollars with which transactions ended on Friday.
The decline in prices reflected persistent uncertainty about global demand amid signs of economic slowdown in various regions worldwide.
However, despite geopolitical tensions in the Middle East pressuring prices upward, increased production in the U.S. and the strength of the dollar dominated the final outcome of the day.
At the start of the week, it was noted by the Minister of the Presidency that the government is monitoring fuel price developments but considers that for now, the impacts “are largely potential,” and does not rule out taking measures if there are “simultaneously very significant and lasting” increases.
António Leitão Amaro emphasized that the government is attentive and monitoring price trends, assuring that if there are “increases that are simultaneously very significant and lasting, the government will naturally take measures to address the situation.”
