Fuels are increasing today: Know what posts you can save

A week begins with a rise in fuel prices. The estimates point to an increase of around 10 cents per litre for both diesel and petrol, the sector's source was advanced to the News to Minutes. 

It should be stressed that final pump cost may vary depending on the gas station, brand and location. In addition discount update of the Oil Products Tax (ISP) may also change the expected values.

This at a time when the average price of simple diesel is EUR 1,967 per litre and simple petrol 95 is costing EUR 1,885 per litre, according to the average prices disclosed by the Directorate-General for Energy and Geology (DGEG). 

These daily average prices, refer to “are calculated on the basis of the prices reported by the fuel stations, weighted by the quantities sold in the last known period, incorporating the discounts charged at the supply stations as fleet cards and others”. 

Where do fuels cost the least?

On the Online Fuel Prices website of the Directorate-General for Energy and Geology (DGEG), can consult where are the most economical supply stations near you. 

Stop check the cheapest gas stations in your area can access this link and select the option ‘filter by municipality’, then clicking on the respective district in the list that will be presented. Finally, you should select the municipality you want to consult, as well as the type of fuel.

Fuels go up faster? Are there any irregularities? ERSE reveals everything

The Regulating Entity of Energy Services (ERSE) released, on Thursday, an analysis of the prices of fuels in Portugal, having not found irregularities. Furthermore, it did not find any “persistent” evidence to prove that prices rise faster than they do.

“ The study found no evidence of a persistent rocket-plum effect, i.e. that pump prices are systematically rising faster than they are falling. In gasoline, no statistically significant differences were identified between the transmission of climbs and descents. In diesel, a small difference was observed in the first few weeks, which was no longer statistically significant after four weeks”, can be read in the set of questions and answers disclosed by the regulator.

Therefore, ERSE concludes: “The results do not therefore support that the falls are reflected in a persistently slower or less complete manner than the climbs.”.

ERSE has shown that it assesses four comprehensive criteria to conclude on the functioning of the market: concentration of wholesale and retail markets, diversity of trade offers and response of sales prices to developments in international quotations.

“ERSE found a high concentration on the wholesale market. However, regulatory assessment does not depend on a single indicator. The criteria for retail concentration, diversity of offers and the strong relationship between national prices and international quotations have been met. As there was no joint non-compliance with the four criteria, it is not considered that the market has operated irregularly”, can be read in the document released. 

In a context of international uncertainty and with the oil to be valued in international markets, ERSE underlines that the “prices in the pump have as reference the international prices of petrol and diesel already refined, and not directly the price of crude oil (Brent)”. That is, “the study concluded that the evolution of fuel prices in Portugal was mainly explained by the evolution of these quotations”.