Fuel prices will reflect the effects of market instability caused by Russia’s invasion of Ukraine on Monday, with a rise of 2.5 cents for diesel and 2 cents for gasoline .
And the ninth ascent since the beginning of this yearwhich should bring the average price of simple diesel in Portugal to 1,681 euros and 1,833 euros per liter of simple 95 gasoline.
The price of fuel reflects the average price of petroleum and refined products from the previous week, with increases taking place on Mondays. Thus, and since January 3, simple gasoline 95 has increased by 14 cents, from 1,693 euros to 1,833 euros, an increase of 8.27%. In the case of diesel, the price increased by almost 17 cents (from 1,513 to 1,681 euros), up 11.1%.
This means that, to fill up a 50-litre tank this week, it will cost around 91.65 euros, in the case of simple petrol 95, seven euros more than at the start of the year. In a diesel car, the aggravation, compared to the beginning of this year, is 8.4 euros.
In recent weeks, with growing instability in Ukraine, prices for Brent North Sea oil have reinforced the upward trend already seen since late 2020.
And why are fuels in Portugal so expensive – there are already pumps where the price of gasoline 98 is over two euros per liter – if oil prices are still below historical values above $115 per liter barrel in June 2014 or more than 126 dollars in March 2012?
According to the Directorate General for Energy and Geology, the average annual price of special gasoline 98 was 1,822 euros in 2012 and 1,711 euros in 2014. The explanation lies in the exchange rate effect and the tax component , according to the Secretary General. of the Portuguese Association of Petroleum Companies (Apetro).
Since then, there has been a “significant increase” in taxes (ISP and VAT). On the other hand, the “very significant” increase in the incorporation of biofuels, which “are more expensive than fossil fuels”, also helps to explain.
Pass the $100 barrier
Last Thursday, with Russia’s invasion of Ukraine, Brent crude hit its highest since 2014, with a barrel for April delivery hitting nearly $106 (in April 2020, with the pandemic, crude oil turned negative ), while May delivery hit 102.20 .
The carbon tax also aggravates
In 2014, the carbon tax, integrated into the FAI value, did not even exist. In 2015, the carbon tax cost 11,563 euros per thousand liters of gasoline and, in 2021, it cost almost five times more: 54,340 euros per thousand liters. In diesel, it went from 12,597 euros to 59,201 euros.