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Fuel markets face volatility in Portugal and Brazil
Fuel markets in Portugal and Brazil are experiencing significant price fluctuations and consumption shifts. In Portugal, road fuel consumption fell 10.3% in August compared to July. This decline was primarily driven by a 14.2% drop in diesel consumption, coinciding with a 6.4% increase in its average price. While some estimates suggest a potential slight decrease in gasoline and diesel prices for early October, prices remain high due to geopolitical tensions in the Middle East and disruptions in the Strait of Hormuz.
In Brazil, diesel prices have reached recent highs, with S10 diesel hitting R$ 7.35 per liter. This surge is attributed to global supply tightening and refining capacity constraints in Russia, China, and the Middle East. The Brazilian government has implemented subsidies to mitigate these costs. Additionally, the debate over increasing anhydrous ethanol content in gasoline to 35% (E35) continues, with concerns raised by the automotive industry regarding engine compatibility and fuel efficiency. Recent data from the ANP shows ethanol prices rising in 13 Brazilian states, though it remains more economically competitive than gasoline in several regions.
Entities
Agência Nacional do Petróleo, Gás Natural e Biocombustíveis · Brazil · Direção-Geral de Energia e Geologia · International Energy Agency · Portugal
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Road fuel consumption in Portugal fell 10.3% in August compared to July. www.diarioviseu.pt · observador.pt · sapo.pt
- [● 3 SOURCES] Diesel consumption dropped by 14.2%, falling from 422,000 to 362,000 tons. www.diarioviseu.pt · observador.pt · sapo.pt
- [● 3 SOURCES] The average price of diesel rose 6.4% in August, from 1.907 euros to 2.029 euros per liter. www.diarioviseu.pt · observador.pt · sapo.pt
- [● 3 SOURCES] The supply disruption caused by the Middle East conflict is the largest in the history of the global oil market. www.diarioviseu.pt · observador.pt · sapo.pt
- [● 3 SOURCES] The average price of 95 simple gasoline rose 1.2% in August, from 1.943 to 1.966 euros per liter. www.diarioviseu.pt · observador.pt · sapo.pt
- [● 3 SOURCES] Since February, the average price of diesel has increased by 27.8%. www.diarioviseu.pt · observador.pt · sapo.pt