Fuel prices in Portugal will be lower from next Monday, with the National Association of Fuel Retailers (Anarec) forecasting a drop of 12 cents per litre on both petrol and diesel.
According to the association’s statement sent to newsrooms, the average price of 95-octane unleaded petrol should stand at 1.904 euros per litre from Monday, while the price of standard diesel should be 1.837 euros per litre.
These prices are not final, however, as the fall in prices could prompt the government to reduce the discount on the tax on petroleum products, leading to a slightly smaller cut than the 12 cents initially forecast. Even so, the drop is still expected to be in double digits.
The uncertainty caused by the conflict in the Middle East and the blockade of the Strait of Hormuz, one of the main routes for oil transport, has driven sharp rises in the price per barrel, pulling fuel prices up with it. This Friday, a barrel of Brent crude, the benchmark for the European market, was trading just above 91 dollars, a daily fall of 1.5%. Despite the declines over the past month, the price per barrel is still around 44% higher than at the start of the year.
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