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Gasoline price expected to suffer biggest drop in eight months next week - Energy

Gasoline price expected to suffer biggest drop in eight months next week – Energy

Fuel prices will decrease from next Monday, November 8 at petrol stations in Portugal. In the case of simple diesel, prices should drop by about 2 cents per liter to 1.526 euros per liter, according to Negócios’ calculations. If verified, this would be the biggest weekly drop in diesel prices since May this year.

On the other hand, gasoline 95 is supposed to suffer a decline of a little less, about 1.5 cents a liter, to 1.718 euros, in what would be the largest drop since March.

This expected reduction in the value of fuel prices in Portugal, in line with the decline in the value of the European barrel, comes in a week in which Joe Biden, the US president, was pressuring the world’s largest oil producers to increase production, in order to curb the escalation of prices. But despite Biden’s pressure, The Organization of the Petroleum Exporting Countries and its allies (the so-called OPEC+ group) turned “deaf ears” to requests and kept the usual oil injections – which pushed the price on Friday.

Brent, which is a benchmark for Portugal, is losing nearly 4% per week. However, this Friday he returned to winning ways after losing two consecutive sessions.

At Thursday’s meeting, OPEC + members decided to keep the plan, which was set in July, to increase 400,000 barrels per day, each month, until the end of the year and in the first months of 2022. The decision comes at a time when this demand was largely outstripping supply in market.

The calculations are based on the evolution of these two oil derivatives (diesel and gasoline) and the euro. But the cost of fuel at the pump will always depend on each filling station, the brand and the region you are in.

The new rates take into account the differences that the company calculates against the average rate that Portugal exercises this week and announced by the Directorate General of Energy and Geology (DGEG).

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Business accounts are based on different contracts from those of oil companies (although the evolution is usually similar), and business data is only available until Thursday (minus one trading day).