Fuel prices rise in Portugal as standard diesel climbs in early March

As signalled at the end of last week, the first week of March began with higher prices for the main road fuels, with the steepest movement seen in standard diesel (source: Mais Gasolina).

Standard diesel and unleaded petrol prices in Portugal at the start of March

Monday, 2 March, was marked by a rise of 2.9 cents per litre in standard diesel, taking the average price up to €1.628/l. Standard unleaded petrol also increased, up by 1.6 cents, reaching €1.7/l.

Since the start of the year, standard diesel has already risen by 10.5 cents per litre, while petrol has accumulated an increase of 5.5 cents. This trend may continue in the coming weeks, driven by the escalation of the conflict in Iran. According to Reuters, the price per barrel of oil - currently around $79 - could move closer to $100.

How BP, Galp and Repsol adjusted fuel prices

In response to these changes, the main fuel companies updated pump prices in different ways. BP, Galp and Repsol increased standard diesel by 3.5 cents per litre and standard petrol by 2 cents per litre.

Where the average fuel price figures come from (DGEG)

As usual, the reference basis for fuel prices is the data published by the Directorate-General for Energy and Geology (DGEG). In this case, the figures relate to last Friday, 27 February.

The values released by the DGEG already reflect discounts applied by fuel retailers, as well as the Government measures currently in force. Even so, it is important to stress that these are average, indicative amounts and may differ from the prices displayed at individual filling stations.

The Government measures currently in force

Since 2022, Government measures have remained in place to soften the impact of rising fuel prices, focusing mainly on the level of the Tax on Petroleum Products (ISP). However, these measures are being gradually rolled back, also following requirements set by the European Union.

Updated ISP rates for petrol and diesel

At the end of November, the unit value of the Tax on Petroleum Products (ISP) was revised to €497.52 per 1,000 litres for petrol and €361.60 per 1,000 litres for diesel.

This update represents a tax increase per litre of around 1.6 cents on petrol and more than 2.4 cents on diesel.

With these changes, the “tax discount” has been reduced and, despite the drop that has been seen in fuel prices, Portuguese consumers are not benefiting from it in full.