The war comes to the gas pumps. Fuel will rise sharply next week – oil

After an apparent lull last week, fuel prices will rise again in Portugal, and in effect, prompted by the invasion of Ukraine by Russian forces, which led to a rise in the prices of oil and petroleum products on the international market.

As of Monday, February 28, the price of gasoline and diesel will increase by about two cents, with the price of the 95th simple gasoline being about 1,834 euros per liter, while the price of the simple diesel will rise to 1,675 euros per liter, according to business calculations.

Since one-third of the amount of the final price of fuels is determined by the price quotations of oil and its derivatives in the international market, according to a BA&N Research Unit report, this rise in fuel prices can be explained by higher fuel prices “black gold futures contracts as well as derivatives” were negotiated this week ( Diesel and gasoline) – with deliveries scheduled for March and April – Gasoline futures, traded on the New York market, rose for the first time since 2014 to $900 a ton, while diesel futures were trading above the $800 line.

Today, oil, which yesterday crossed the $105 threshold for the first time, because it hadn’t seen it in eight years, is beginning to decline.

West Texas Intermediate (WTI), a benchmark for the North American market, continued to fall 0.16% to $92.64 per barrel.

Brent crude – a reference standard for European imports – decreased by 0.38%, and the price per barrel reached 98.72 US dollars.

He explained that “markets seem to be able to absorb the risks. The announced sanctions against Russia are important to the Russian economy, but the Russian economy itself, apart from the energy that continues to flow, is not very necessary for the global market.” Paul Donovan, chief economist at UBS Global Wealth Management, told Reuters in an interview.

Negócios’ 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 in which it is located.

The new rates take into account the differences calculated by Negócios in relation to the average price that Portugal has practiced this week and announced by the Directorate General of Energy and Geology (DGEG).