Diesel and petrol prices soar: find out how much you’ll pay from Monday
Petrol and diesel prices are set to rise in the week of 20–26 July, and the increase is expected to be far from negligible.
Next week, from 20 to 26 July, fuel prices are set to rise sharply.
According to the Automobile Club of Portugal (ACP) and in line with forecasts from the Directorate-General for Energy and Geology (DGEG), the price of diesel will increase by 13.5 cents and petrol by 6.5 cents per litre.
This means that next week diesel will cost consumers €1.988 per litre and petrol €1.980 per litre.
The ACP adds that the average figures are based on the "raw material prices at the close of markets last Thursday", but notes that until Friday there may still be fluctuations in crude and fuel quotations.
The war in the Middle East, involving the US, Israel and Iran, continues to drive prices higher and the government has pledged to apply an extraordinary, temporary reduction in ISP (Tax on Petroleum and Energy Products) whenever there is an increase of more than 10 cents.
The Strait of Hormuz, through which 20% of global trade in oil and natural gas passes, was initially closed after the United States and Israel launched their war against Iran on 28 February, sending prices for oil, fertilisers and other goods soaring far beyond the region and giving Iran significant room for manoeuvre in the negotiations.
This week saw an escalation in the fighting between the two sides, which brought an end to the provisional agreement to halt the war against Iran.
Yenibais-Business