Fuel prices shoot up rapidly but take much longer to come down. At least, that is the perception of many Portuguese drivers when they fill up, even if this view is not backed up by the relevant authorities.
The volatility of fuel prices has been increasingly evident, as a result of the current conflict in the Middle East and restrictions on shipping in the Strait of Hormuz. Faced with this situation, the Minister for the Environment and Energy, Maria da Graça Carvalho, requested a detailed study from the Energy Services Regulatory Authority (ERSE) (source in Portuguese), which found no irregularities or "profiteering" by the operators.
