Faced with the rise in fuel prices that affected almost all of Europe, the regional government decided, as of Monday, to cut the prices of gasoline by 4 cents and 2 cents for diesel, by lowering the ISP, JM revealed in its print edition today.
This reduction seeks to offset the rise in the value-added tax on fuel, and “give it back” to consumers by lowering the primary tax.
In the region, the drop in ISP was twice that announced by the prime minister in mainland Portugal, seeking to mitigate the effects of a massive increase in fuel prices in an economy still emerging from the pandemic crisis.
Since 2018, Madeira has distinguished itself in fuel prices, enabling the Madeira Islands to pay lower values than those practiced, on average, in the liberalized national market.
The difference between fuel prices in the region and the Portuguese mainland was, on average, 0.067 € / liter. in gasoline (-4% compared to the mainland) and 0.117 euros / liter. In diesel (-7% compared to the mainland).
With the reduction now applied to respond to the critical situation, this differential will be even steeper, rising to €0.107/liter. (-5.95%) with gasoline and 0.137 euros / liter. (-8.34%) in diesel.
However, the regional government will monitor fuel prices over the next few weeks, in order to continue to protect the differential compared to the values that are practiced on the mainland and to ensure that it does not constitute an obstacle to the recovery of economic activities and a natural recovery, fortunately, Madeira has already begun.
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