Portugal to cut fuel prices as ISP discount reduced

The Portuguese government will lower the temporary ISP discount on fuel next week, cutting it by 1.8 cents per litre for diesel and 1 cent for gasoline. Market estimates expect diesel prices to fall about 11 cents per litre and gasoline around 5‑6 cents, with average prices projected at €1.745 / l for diesel and €1.868 / l for gasoline. The reduction follows a de‑escalation of Middle‑East tensions after the United States and Iran signed a memorandum to reopen the Strait of Hormuz, which pushed global oil prices lower. Environment and Energy Minister Maria da Graça Carvalho said she trusts “a trend to return to normality” in fuel prices, noting the benefit for households, the economy, and the Environmental Fund.