Portugal diesel and gasoline prices set to rise in July amid Middle East tensions

Fuel prices in Portugal are forecast to increase from Monday, 13 July. Diesel is expected to rise by 7 cents per litre to an average of €1.863, while gasoline (95) will climb by 2.5–3 cents to around €1.918‑€1.923 per litre. Current averages are €1.793 for diesel and €1.893 for gasoline. A 50‑litre diesel tank would therefore cost roughly €93 after the hike.

The rise is linked to escalating tensions in the Strait of Hormuz between the United States and Iran, which have pushed Brent crude above $80 a barrel before settling near $76. Portugal’s government may adjust the extraordinary ISP tax discount if the price increase exceeds €0.10 per litre, a mechanism that compensates for higher VAT revenues.

Finance Minister Joaquim Miranda Sarmento warned, “A situação é bastante incerta, sempre muito volátil, e, se voltarmos a ter uma situação de conflito e um agravamento do preço do petróleo, isso tem naturalmente consequências negativas na economia.” Portugal remains one of the EU countries with the highest fuel prices.