The government approved this Friday, March 13, new extraordinary drops in ISP rates applicable on the continent, which should represent a “real saving” of 1.8 cents per liter of diesel and 3.3 cents per liter of gasoline next week.
The information was released in a statement from the Ministry of Finance and says that, together with last week’s extraordinary and temporary discounts, gas station customers “will save in total next week 6.1 cents on diesel and 3.3 cents on gasoline compared to prices for the week of March 2 to 6”.
Unleaded gasoline is now also covered by this reduction in the Tax on Petroleum and Energy Products (ISP) rates, as it “will exceed a 10 cent increase in relation to the price from March 2 to 6”, Finance adds.
Earlier, Anarec had announced that fuel prices in Portugal will continue to rise next week, with simple diesel increasing by around 10 cents per liter and 95 gasoline rising by 10.3 cents.
This increase occurs in a context of strong geopolitical tension in the Middle East, with oil prices pressured by the closure of the Strait of Hormuz and the volatility of international markets.
Based on current values from the Directorate-General for Energy and Geology (DGEG) and the increases announced to Lusa by the National Association of Fuel Dealers ANAREC, taking into account market opening values, from Monday onwards, the average price of straight 95 gasoline is expected to be 1.883 euros per liter, while straight diesel could reach 1.937 euros per liter.
The final average will only be finalized at the end of the day, and may also register changes depending on the evolution of international oil prices, and the final cost at the pump may vary depending on the gas station, brand and location.
The increase comes after Thursday’s oil close in London, with a barrel of Brent for delivery in May rising more than 9% to $100.46, the highest value since 2022, driven by Iran’s statements about the closure of the Strait of Hormuz. The price closed 9.22% above the previous day, when Brent reached 91.98 dollars.
The new Iranian supreme leader, Mojtaba Khamenei, announced that the blockade of Hormuz, through which around 20% of maritime hydrocarbon trade passes, should be extended.
In response, the 32 member countries of the International Energy Agency (IEA) decided to release 400 million barrels from strategic reserves to compensate for the loss of supply due to the closure of the strait. This is the sixth time that the IEA has coordinated the release of strategic reserves, with the amount released being more than double the record intervention during the start of the war in Ukraine.
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