Fuel Prices Set to Rise This Monday in Portugal
- Fuel prices are expected to increase on Monday, September 21, with diesel rising by 9.5 cents per liter and gasoline by 8 cents per liter, according to estimates...
- The projected price hike coincides with Brent crude oil, the reference for the European market, maintaining a valuation above $100.
- Although that specific closing price represented a 2.69% decrease compared to the previous session, the cotação remains at a level with impact on fuel prices.
Fuel prices are expected to increase on Monday, September 21, with diesel rising by 9.5 cents per liter and gasoline by 8 cents per liter, according to estimates advanced by SIC. These price adjustments follow a period where Brent crude oil continues to negotiate above $100.
Brent Crude Oil Pricing and Market Impact
The projected price hike coincides with Brent crude oil, the reference for the European market, maintaining a valuation above $100. On Wednesday, Brent for November delivery closed at $105.83 per barrel on the London futures market.
Although that specific closing price represented a 2.69% decrease compared to the previous session, the cotação remains at a level with impact on fuel prices.
Government Response to Inflation and Fuel Costs
The minister of Economy and Territorial Cohesion, Manuel Castro Almeida, admitted on Wednesday that the rise of fuels is creating difficulties for Portuguese families. Speaking during a regular hearing in the Parliamentary Commission for Economy and Territorial Cohesion, Castro Almeida stated that inflation is not going well, should be dropping and is increasing.
The minister classified the evolution of fuel prices as a ponto delicado and recognized that os portugueses estão a passar dificuldades por causa deste aumento extraordinário do custo dos combustíveis.
Targeted Fiscal Measures and Sector Support
The Government intends to avoid an increase in tax revenue caused by the rise of fuels. According to Minister Castro Almeida, the administration plans to convert the increase of VAT revenue into discounts on the Imposto sobre os Produtos Petrolíferos e Energéticos (ISP).
Rather than applying generalized measures to the population, the government is focusing on supporting sectors considered more affected. These measures include:
- Support for agricultural diesel, seeking to reduce the impact of production costs on agricultural products prices.
- Measures being prepared destined to professional transporters.
- Planned support for firefighters.
Governo quer prolongar mecanismo de redução do ISP TV RECORD Europa