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At the stroke of noon, the largest ever rise in the price of fuel was confirmed – a rise that has generated a rush at the pumps in recent days. Several gas stations have spent this week recharging more than 2 euros/litre even on regular gasoline, as shown by data from the General Directorate of Energy and Geology. According to the same source, the diesel reaches 1.95 euros/litre.
According to the same source, 2,034 euros is the amount charged to Galp Duarte Pacheco, in Lisbon, for each liter of simple gasoline. Already diesel (single) 1,959 euros per liter.
In Porto, at BP S. João de Brito, near Avenida da Boavista, simple petrol costs 2,039 euros per liter and diesel (simple) the same 1,959 euros/litre. These are some of the benchmark prices at some of the country’s busiest gas stations, in this case in major urban centers.
The increases reflect the combined effect of two factors. Most relevant is the sharp rise in oil prices over the past week – and continuing into the early hours of this Monday, with Brent crude hitting $130 a barrel.
You refined products that serve as a benchmark for fuel prices have also suffered strong valuations last week, especially in diesel. In addition to being a major diesel supplier in Europe, Russia also sells VGO (vacuum diesel), an intermediate product used to produce on-road diesel.
Galp Energia announced this week the suspension of purchases of this product from Russia and other companies will do the same, which puts more pressure on international diesel prices than gasoline.
This effect of raw materials is amplified by the devaluation of the euro against the dollar, the currency in which petroleum products are purchased. Taking into account the effect of the exchange rate, last week there was an increase of 18% for diesel and 10% for gasoline in the international markets.