Forecasts published at the end of last week suggested that standard diesel would become cheaper. However, this week brought no change at all in fuel prices, with both standard petrol and standard diesel holding steady (source: Mais Gasolina).
Standard petrol and standard diesel prices in the third week of January
As a result, in the third week of January the price of standard petrol stayed at €1.659/l, while standard diesel remained unchanged at €1.539/l.
Although the national averages did not move, some fuel retailers adjusted their own prices: Galp and Repsol reduced standard diesel by half a cent per litre. In the opposite direction, they increased LPG by one and two cents, respectively.
How the average fuel price is calculated (DGEG)
As usual, the benchmark for calculating fuel prices comes from figures published by the Directorate-General for Energy and Geology (DGEG). In this case, the data refer to last Friday, 9 January.
The amounts shown by DGEG already factor in the discounts applied by fuel companies, along with the Government measures currently in force. Even so, it is important to stress that these are only average, indicative values, and they may differ from the prices displayed at service stations.
Government measures in force
The Government measures introduced in 2022 to cushion the rise in fuel prices remain in place, focusing mainly on the level of the Excise Duty on Petroleum Products (ISP). That said, these measures are being rolled back gradually, including due to requirements set by the European Union.
At the end of November, the unit value of the Excise Duty 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 corresponds to 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 shrunk and, despite the fall seen in fuel prices, people in Portugal are not benefiting from it in full.
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