Fuel prices will record the largest decline over the next year next week, which reflects the average prices of gasoline and diesel in global markets.

Thus, “the evolution of prices in euros indicates a decrease of 4.5 cents per liter in the price of gasoline and up to five cents per liter in the cost of diesel,” according to an industry source contacted by Multinews. The decrease will be seen at both the pumps of major petrol stations and hypermarkets, where “the decreases are about 0.0462 euros per liter, in the case of diesel, and 0.0430 euros per liter for gasoline,” another source said.

DGEG data shows that the average price of a liter of gasoline in Portugal is currently €1.689, while that of diesel is €1.528. However, quotations at service stations may differ, since the price set on the network also takes into account the level of competition, supply and demand in each market and the level of fixed costs at each station.

The latest fuel bulletin from the European Commission indicates that Portugal has the ninth most expensive gasoline 95 out of 27 EU countries, 6.5 cents above the European average and 21 cents more expensive than Spain. Diesel occupies tenth place in the European ranking.

The price difference between Portugal and Spain results from the tax burden, as the price of gasoline is cheaper in Portuguese territory without taxes. Without tax, each liter of 95 gasoline in Portugal will cost 75 cents, that is, it will be cheaper than 78 cents in Spain.