Portugal fuel prices rise amid Middle East energy disruptions

Fuel prices in mainland Portugal have risen significantly due to geopolitical tensions in the Middle East. According to data from the Directorate-General for Energy and Geology (DGEG), the average price of standard diesel rose from 1.596 euros per litre on February 28 to 2.219 euros by September 27. During the same period, standard 95 octane petrol increased from 1.681 euros to 2.113 euros per litre.

Nuno Figueiredo, spokesperson for the consumer rights organization DECO PROteste, stated that the impact of these rising costs will be felt across almost the entire economy, as any sector utilizing road fuels in its value chain will face additional expenses. The price surges are linked to disruptions in oil markets caused by conflicts involving the United States, Israel, and Iran, which have damaged energy infrastructure and led to shipping restrictions in the Strait of Hormuz.

Data from Statistics Portugal (INE) indicates that inflation accelerated to 3.3% in August, a trend attributed largely to the increase in diesel prices. Energy product prices specifically saw a 12.2% increase compared to the previous year.