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In the middle of a long weekend in which the Portuguese have mobility restrictions due to the pandemic (movement between municipalities is suspended between November 28 and December 1), there is also an economic incentive to stay at home.
As of Monday, according to Business calculations, fuel prices will register a sharp rise, reflecting the high prices of raw materials in international markets.
Average daily prices for metric tons of gasoline rose more than 7% this week, pointing to a 2.2-cent increase in the price of a liter of gasoline as of November 30. If confirmed, it will be the steepest rise since May that will put the price at 1,402 euros per liter. This price is the highest since the beginning of March, when the pandemic was still reaching Portugal with the first cases and deaths.
As for diesel, the evolution will be similar. In the markets this raw material also shot up more than 7% this week, which points to a rise of 2.3 cents in the price of fuels in Portugal. This is the strongest weekly rise since mid-July, which will put the price of diesel at 1.24 euros per liter. It will be very close to the maximum in March that was reached at the end of August (1,241 euros).
This will be the third consecutive week, followed by an increase in fuel prices in Portugal, in line with the evolution of prices in the oil market. Brent (oil that serves as a reference for Portuguese imports) has been rising for four weeks and in the last five sessions it has advanced close to 7%. Oil is trading at the highest levels since March with the market realizing that advances in pharmaceuticals in covid-19 vaccines will cause a resumption of demand for highway fuels and other petroleum products.
The calculations are based on the evolution of these two petroleum products (diesel and gasoline) and the euro. But the cost of fuel at the pump will always depend on each service station, the brand and the area where it is located.
The new prices take into account the variations calculated by the Businesses with respect to the average price practiced in Portugal this week and announced by the General Directorate of Energy and Geology (DGEG).
Commercial calculations are based on contracts other than those followed by oil companies (although the evolution is usually similar), and the data available for Business is only available until Thursday (one trading day is missing).
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