Efficient fuel price drops in gasoline, but rises in diesel

ANDthis indicator is an average weekly value calculated by the Energy Services Regulatory Entity (ERSE), taking into account international prices for refined fuels and freight, logistics, reserves, biofuels, retail and taxes.

In view of the previous week, the efficient price decreased by 1.2% in petrol and increased by 2.3% in diesel fuel, an evolution that ERSE attributed to the variation in international prices of the two refined fuels, which constitute the most directly related references to the cost of fuels sold at the gas stations. In this period, the international quotations of single gasoline 95 decreased 3.5% and those of simple diesel increased 3.9%, detailing ERSE.

In the week of August 07-13, the most recent for which data on the discounts applied are available, the values “were below the efficient price of 1.7 cents per litre in plain 95 gasoline and 7.8 cents per litre in simple diesel, corresponding to deviations of -0.8% and -3.6%, respectively”, details.

To the contrary, the average sales prices announced in the porticos, as reported in the Single Energy Balcony, were 1.1 cents per litre above the efficient price in petrol and 3.4 cents in diesel. Relatively, these differences corresponded to deviations of +0.5% and -1.56%, respectively

Although the average prices announced on the porticos are above the efficient price, the regulator points out that the values “with discounts – which constitute a more accurate approximation to the value actually paid – remained below the efficient price in both fuels”.

Recently, the Minister for Environment and Energy asked ERSE to make information on fuel prices more accessible and to propose possible legislative changes in this area, advocating an extension of the regulator's sanctioning powers to the oil system.

In a letter sent on August 28 to the President of the Board of Directors of ERSE, to which Lusa had access, Maria da Graça Carvalho begins by saying that she is “according to the recommendations” that the supervisor presented to her in a study published on August 14 on the formation and evolution of road fuel prices in Portugal.

Following this initial analysis, the minister asks the regulator to strengthen “the instruments of transparency, economic supervision and consumer information”, deepening two issues in a manner articulated with the “competent entities”.

In the study requested in July by the minister and released on August 14, ERSE recommends to the government a strengthening of transparency and supervision in the sector, but rejects there being grounds for administrative intervention in prices.

Among the measures identified are the need to “harmonize public price benchmarks and reduce the risk of incorrect interpretations between the efficient price of ERSE and the reference price disclosed by ENSE [National Energy Sector Entity]”.