Portugal fuel prices surge as GALP profits drive higher costs

Analysts note that recent fuel price inflation in Portugal is largely driven by the large profit margins of oil company GALP rather than taxes. Data for June‑July 2026 show gasoline and diesel prices rising sharply, while Portugal already has some of the highest fuel taxes in the EU. Government minister João Galamba argues that cutting taxes would cost the state €50 million per cent, but critics say corporate pricing is the main factor.

In the Madeira region, a claim that diesel prices rose about €0.40 per litre over three weeks was examined. Official maximum retail prices set by the regional government show an increase of €0.284 per litre between 13 July and 3 August 2026, with weekly jumps of €0.067, €0.133 and €0.084. The perceived larger increase likely stems from comparing current prices with those from several months earlier.