Prepare your wallet: Fuel prices are expected to rise again next week

Prepare your wallet: Fuel prices are expected to rise again next week

Rádio Renascença cites industry-linked sources that expect a rise of 12 cents in gasoline and 18 cents in diesel.

It will weigh more on your wallet

Fuel prices in Portugal are hitting records, but the scenario looks set to get worse. according to “Radio Renaissance”There is a strong possibility of another price hike as early as next Monday, March 14th.

According to sources linked to the sector, this rise could be 12 cents for gasoline and 18 cents for diesel. If confirmed, this would be the largest increase ever, just one week after it broke that record with increases of eight and 14 cents, respectively.

The rise in prices, at some gas stations, also led to the unprecedented increase of gasoline to exceed the barrier of 2 euros per liter, while diesel reached 1.95 euros per liter.

The significant rise in oil prices was justified by the increase in the price of a barrel of Brent crude, which is sold at 109 euros, when at the beginning of the year it was fixed at only 80 euros. The outbreak of conflict in Ukraine will also be on the list of reasons that have pushed fuel prices to unprecedented levels.

However, at the end of noon on Tuesday 8 March, Prime Minister Antonio Costa announced that the government would try to reduce the value. This will be done through the reduction of the ISP (Petroleum Products Tax). “From Friday, we will return all potential tax revenue increases in terms of VAT in the form of ISP reductions,” he said.