The next price increase on fuel in Portugal is set for Monday, March 14th 2022, with the price of diesel predicted to increase by 25 cents per litre and gasoline by 15 cents.
The last price hike, on Monday 7th March 2022, saw the price of petrol/gasoline rising, on average, by eight cents per litre, and diesel by 14 cents per litre. These soaring prices have never been seen before and provoked long queues at gas stations.
It was thought that prices could not go up any further, but an industry source assures SIC News that the next move in prices will again be very large: without specifying values.
Taking into account the current price of crude oil, a rise of 25 cents per lirer for diesel and 15 cents per litre for gasoline may be on the table, values that already include a reduction of the Tax on Petroleum Products.
Since Russia invaded Ukraine, oil prices have skyrocketed: the barrel of “brent” oil, which serves as a reference for Europe, was once at 139 dollars. However, it eased a little, but analysts warn that the climb has not stopped.
The war may be one of the explanations for the rampant rise in fuel prices in Portugal, but it is not the only factor.
The successive increases, 10 since the beginning of the year, are already having an impact on production and distribution costs, with reflections on the increase in raw material costs.
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