War is coming to the gas pumps. Fuels up sharply next week – Oil

After an apparent easing last week, fuel prices will rebound in Portugal, and in full force, driven by the invasion of Ukraine by Russian forces, which have sent oil and petroleum product prices skyrocketing on the international market. .

From Monday February 28, petrol and diesel will increase by around two cents, with simple petrol 95 costing around 1.834 euros per litre, while the price of simple diesel will rise to 1.675 euros per litre, according to accounts from Entreprises .

As a third of the amount of the final price of fuel is determined by the quotations of oil and its derivatives on the international market, according to the report of BA&N Research Unit, this increase in fuel prices is explained by the surge of “contracts futures on black gold”, as well as derivatives (diesel and gasoline) – whose delivery is scheduled for March and April – traded this week. Gasoline futures, traded on the New York market, climbed for the first time since 2014 to $900 a tonne, while diesel futures traded above the line. $800.

Today, oil, which crossed yesterday for the first time the threshold of 105 dollars, as we had not seen it for eight years, is in the process of falling.

West Texas Intermediate (WTI), a benchmark for the North American market, continued to depreciate 0.16% to US$92.64 a barrel.

Brent – a benchmark for European imports – fell 0.38%, with a barrel at US$98.72.

“The markets seem to be able to digest the risks. The sanctions announced against Russia are important for the Russian economy, but the Russian economy itself, apart from the energy which continues to flow, is not extremely essential for the global market,” Paul Donovan, chief economist at UBS Global Wealth Management, told Reuters in an interview.

Negócios’ calculations are based on the evolution of these two petroleum derivatives (diesel and gasoline) and the euro. But the cost of fuel at the pump will always depend on each gas station, the brand and the area where it is located.

The new prices take into account the variations calculated by Negócios compared to the average price practiced in Portugal this week and announced by the General Directorate of Energy and Geology (DGEG).

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