This Monday, the government approved the temporary change to the Tax on Petroleum Products (ISP) regime to extend tax relief on fuels, whose prices have risen due to the conflict in the Middle East.
According to a statement, The Council of Ministers approved this Monday, meeting electronically, a bill that temporarily amends “lowering the minimum tax limits”.
“This change allows the Government to continue to reduce, periodically and temporarily, the ISP, through the return of additional VAT revenue, which results from the recent evolution of fuel prices, following the conflict in the Middle East”, says the statement.
After the price of fuel fell last week, since the beginning of March in a context of strong geopolitical tension in the Middle East, with oil prices pressured by the closure of the Strait of Hormuz and the volatility of international markets.
Since March 8, according to data from the Energy Services Regulatory Authority, the liter of 95 gasoline increased by around 20 cents and the simple diesel rose by approximately 44 cents.
Fuel prices in Portugal rose again
Os Fuel prices in Portugal rose again this weekwith simple diesel increasing by around nine cents per liter and gasoline 95 by around four cents, according to price evolution forecasts provided to the Lusa agency by which already have the value of VAT included.
Based on current values of and taking into account the forecasts of declines with the market opening values, from this Monday onwards the average price of simple gasoline 95 should be 1.95 euros per liter, while simple diesel should be 2.16 euros per liter.
The final average will only be finalized at the end of the day, and may also register changes depending on the evolution of international oil pricesand the final cost at the pump may vary depending on the filling station, brand and location.
These increases already take into account the ordinance published on Friday in the Official Gazette by the government, which once again lowers the ISP.
The ordinance establishes, as of this Monday, the temporary and extraordinary ISP discount of 8.34 cents per liter in the case of diesel and 4.58 cents per liter of gasoline.
