Between August 25th and 31st, both diesel and petrol prices will increase, according to forecasts from the Automobile Club of Portugal (ACP) based on information from industry sources. Both fuels are expected to rise by 0.5 cents (half a cent) compared to recent days.
“The average price of regular diesel is expected to rise to €1.542 per litre (euros/litre). The average price of regular 95-grade petrol will rise to €1.696/litre,” reports the ACP, explaining that the forecasts are based on the continuation of the extraordinary tax reduction measures implemented by the government to mitigate price increases, namely the reduction of the Tax on Petroleum Products (ISP) and the offsetting of additional VAT revenue.
The average price of a litre of diesel in Portugal this Friday was €1.537, while the average price of a litre of petrol was €1.691, according to the Directorate-General for Energy and Geology (DGEG). On Tuesday, the average prices at the pump were €1.537 and €1.691, respectively.
Oil prices are falling by less than 1%. The price of “black gold” has been reacting positively to the peace negotiations between Russia and Ukraine and the latest data on US reserves, but this morning it returned to its slight declines. The price of a barrel of Brent, the North Sea crude oil that serves as a benchmark for Europe, fell 0.30% to US$67.47, while the price of WTI, produced in Texas, fell 0.25% to US$63.36 per barrel.