Fuel prices in Portugal continue to fall back to levels not seen since 2009 with gasoline dropping a further 4 cents tomorrow and diesel heading for a 3 cent drop at the pumps.
Following international oil price market trends, fuels in Portugal are around 20 cents a litre lower than at this time last year.
€1.29 seems to be the Algarve average price for petrol at the moment with diesel selling at €1.09.
Oil prices have fallen by well over 40% since June and a barrel of oil is now trading at around $60, the lowest for 5 years.
Oil producers decided to maintain production according to the Secretary General of the Organization of Petroleum Exporting Countries (OPEC).
Speaking in Dubai, a puzzled Abdullah al-Badri said that the oil price decline "can only be related to speculation. There is no other justification from the existing economic indicators."
"We want to know the real reasons that led to a drop in these prices. Speculation is contributing significantly" to this decline, said al-Baldri, as if motorists in the Algarve really care.
The price of Brent crude in London dropped this to $64 last week and the price of the US oil dropped to below $61, a long way from the June price of over $100 a barrel, in fact this is a 45% drop.
For current price information, see:
