This week begins with positive news for drivers, as fuel prices are set to decrease on Monday, according to forecasts released by the Automóvel Club de Portugal (ACP) last Friday. This relief comes after a significant rise at the start of last week.
Diesel is expected to become four cents cheaper, while gasoline prices are predicted to drop by 3.5 cents, based on estimates released by ACP, citing industry sources.
These decreases follow the hikes observed at the beginning of the week, which saw an increase of 6.7 cents for diesel and 2.4 cents for gasoline, based on the average prices provided daily by the Direção-Geral de Energia e Geologia (DGEG).
Where is it cheapest to refuel?
According to DGEG data, these are the most economical fuel stations in the country:
The most economical fuel stations in the country© Reprodução do site da DGEG
To find the cheapest fuel stations near you, you can access this link and select the ‘filter by municipality’ option at the top, then choose the respective district from the list that appears. Finally, select the municipality you wish to consult, as well as the type of fuel.
Why has oil been volatile?
The sharp increase at the start of last week was driven by escalating conflicts in the Middle East, which spiked oil prices on international markets. However, as the week progressed, the trend eased.
On Thursday, it should be noted, the price of a Brent barrel for August delivery ended on the London futures market with a 0.07% increase, at $67.73, on a calm day following highly volatile sessions. North Sea crude, a benchmark in Europe, closed the day on the Intercontinental Exchange five cents above the $67.68 with which it ended Wednesday’s trading.
A larger-than-expected decrease in U.S. oil reserves contributed to the slight rise, reinforcing the perception of strong demand in the world’s largest economy.
The ceasefire between Iran and Israel also helped stabilize short-term expectations, leading investors to focus on market fundamentals, namely the supply and demand relationship during the high consumption season.
At the beginning of the week, it’s recalled, the Minister of the Presidency indicated that the government is monitoring the evolution of fuel prices but considers the impacts “largely potential” for now, not ruling out taking action if there are “simultaneously very significant and lasting” increases.
António Leitão Amaro emphasized, however, that the government is attentive and monitoring price developments and assured that if there are “increases that are simultaneously very significant and lasting, the government will, of course, take measures to that effect.”
