Portugal petrol prices fall 9.5 cents as government cuts tax discount

Petrol prices in Portugal fell by 9.5 euro cents on 9 November, while diesel fell by 9 cents, Euronews said. Portugal’s government reduced an extraordinary discount on the Tax on Petroleum Products, limiting the falls compared with the automobile club’s forecasts. Euronews does not give the previous or revised discount amounts for petrol and diesel.

The forecasts came from Automóvel Clube de Portugal. Separately, the DGEG portal’s simulator showed prices at one central Lisbon filling station that day of €1.92 for standard 95 petrol and €2.13 for special diesel; those figures describe that station, not nationwide averages.

Further falls could be slow, minister says

Environment and Energy Minister Maria da Graça Carvalho said the price trend was downward but further falls could be very slow and depend on external factors. Speaking to Rádio Renascença, she cited destroyed refineries in the Middle East, Russia and Ukraine, saying the facilities would take a long time to rebuild or repair.

Carvalho said Portugal remains exposed to global price movements even though it obtains crude oil from other regions. Euronews attributed fuel-price pressure to the war in Iran, the resulting closure of the Strait of Hormuz and continuing attacks on tankers trying to cross the Persian Gulf since March.

Brent closed at $98.68 a barrel on 6 November, down $15.11, or 13.32%, from 30 October, and traded at $94 at 15:00 on 9 November, Euronews reported. It said uncertainty surrounding the conflict between the US, Israel and Iran was keeping fuel prices highly volatile.