On October 26 in Portugal, simple 95 gasoline drops by about seven cêntimos per liter while diesel rises by one cêntimo, as tracked by the Directorate-General for Energy and Geology.
Drivers across Portugal face contrasting movements at the pump as a brief window for relief collides with state tax adjustments.
Sector estimates indicate that simple 95 gasoline is headed for a sharp drop. Diesel continues its upward climb.
Portugal Pump Prices Diverge on October 26
According to data from the Directorate-General for Energy and Geology, the adjustments slated for October 26 will push average prices to roughly 2.01 euros per liter for gasoline and approximately 2.19 euros per liter for diesel, depending on the station.
Prior to the changes, simple diesel averaged 2.176 euros per liter, and simple 95 gasoline sat at 2.094 euros per liter.
Based on these projections, the average cost per liter for fuels next week is expected to be 2,185 euros for diesel and 2,014 euros for gasoline, bringing a 50-liter tank to 109 euros for diesel and 100 euros for gasoline.
As reported by Jornal SOL, the Automobile Club of Portugal projected an eight-cêntimo drop for gasoline alongside a one-cêntimo increase for diesel.
The National Association of Fuel Resellers pointed to a six-cêntimo decrease for gasoline alongside a one-cêntimo rise for diesel.
According to data released by the Directorate-General for Energy and Geology on Friday, October 23, the average price per liter of diesel stood at 2,176 euros while the average price of gasoline totaled 2,094 euros.
If forecasts hold, diesel is expected to increase to 2,185 euros per liter, while gasoline is projected to drop to 2,015 euros per liter.
Taxes and Global Oil Pressures Shape Pump Costs
The anticipated eight-cêntimo relief on gasoline was trimmed after the government updated the tax on petroleum products known as ISP.
State maneuvers absorbed part of the potential savings, raising the tax by 1.3 cêntimos on gasoline while applying a minor 0.2-cêntimo reduction on diesel to slightly soften its increase.
The Executive branch led by Luís Montenegro also created a Temporary Solidarity Contribution on the Oil Sector applied to crude oil and refining businesses to tax extraordinary profits at 33 percent.
The government moved to release up to 10 percent of the country's strategic fuel reserves in a joint action with International Energy Agency countries to contain market fluctuations.
Brent crude for December delivery surpassed 114 dollars per barrel, reaching its highest level since late April.
At 06:00 in Lisbon, European benchmark crude traded near 114.1 dollars, up 0.73% from the previous session’s close, following a 4% surge on Thursday.
United States President Donald Trump accused the Islamic Republic of spreading information about false attacks in the Strait of Ormuz to drive up fuel prices.
Diesel Demand Drives Market Prices Higher
Diesel fuel is in higher demand than gasoline, and in that sense, there ends up being more availability in the market, causing it to rise, Mafalda Trigo said.
Gasoline saw less demand in international quotations and therefore drops.
Consumers can consult the official online fuel price comparator maintained by the DGEG to check rates by locality before filling their tanks on October 26.
