Next week, fuel prices in Portugal are set to rise. Both diesel and gasoline will become more expensive, as forecasted today by the Automobile Club of Portugal (ACP).
The increases are projected to be 0.5 cents for both fuel types, according to the ACP, citing industry sources.
“Next week will again bring changes in fuel prices, with forecasts indicating an increase in both diesel and gasoline prices. According to industry sources, the price of diesel and gasoline should rise by 0.5 cents,” it is reported on the ACP website.
This comes at a time when, according to the Directorate-General for Energy and Geology (DGEG), the “average price of a liter of diesel in Portugal this Friday (August 22) was 1.537 euros, while the average price of a liter of gasoline amounted to 1.691 euros.”
“If the forecasts for next week are confirmed, the average price of simple diesel should rise to 1.542 euros per liter (€/l). Meanwhile, the average price of simple 95 gasoline advances to 1.696 €/l,” it reads.
These forecasts, as the ACP points out, “are based on the assumption that the extraordinary fiscal reduction measures implemented by the government remain in effect to mitigate the price increase. The measures in force include the reduction of the Tax on Petroleum Products (ISP) and the compensation for additional VAT revenue.”
How is oil performing in international markets?
The price of Brent crude for October delivery finished Thursday in the London futures market up 1.24%, to 67.67 dollars, rising for the second consecutive day.
The North Sea crude, a benchmark in Europe, closed the session at the Intercontinental Exchange trading 0.83 dollars above the 66.84 dollars at which it closed transactions on Wednesday.
Brent oil reacted positively for the second consecutive session due to the perception of market stagnation in peace negotiations between Russia and Ukraine and the latest data on U.S. crude reserves, which suggest that oil demand remains strong despite geopolitical and commercial volatility.
According to Forex market analyst Julián Pineda, the diplomatic impasse in peace negotiations between Moscow and Kyiv, despite efforts by the European Union and the United States, “increases the risk of Western countries imposing additional sanctions, further restricting Russian oil flows as a leverage measure.”
The market is confident that a negotiated agreement to end the conflict is imminent and, with it, the easing or suspension of sanctions on Russian crude.
U.S. President Donald Trump stated that he is negotiating a future bilateral meeting between his Russian and Ukrainian counterparts, Vladimir Putin and Volodymyr Zelensky, respectively, to reach a peace agreement on Ukraine, although some controversial points still need to be resolved, such as possible land swaps between the two nations or future security guarantees for Kyiv.
[Updated at 09:56]
