The increase in fuel prices is even higher at some stations than the estimates given. CNN Portugal is witnessing an increase in posts overnight. Oil does not cease and rises at the start of the week
Fuel is even more expensive on Monday than expected. The country’s main gas stations changed their prices on March 7 at midnight and are now setting higher costs than expected until Sunday.
In what will be the largest increase in daily fuel prices in a single week, BP, Galp and Repsol – the three largest supply chains in Portugal – have prices similar to each other, but very different from the week last.
The prospect was that simple diesel would rise to 1.9 euros per litre, but the main supply chains this morning were showing prices around 1.95 euros per litre. In the case of a higher quality diesel, the cost per liter is already slightly higher than 2 euros per litre.
Another surprise is in gasoline prices. After all, and contrary to what was anticipated, gasoline continues to be more expensive than diesel, indicating that the increases for this type of fuel are also higher. Estimates pointed to a cost of 1.88 euros per liter of 95 petrol, but the main distribution networks apply a price lower than 2 euros per litre. Already in gasoline 98, prices lean to 2.1 euros.
These prices are not the same throughout the territory or in all the distribution networks, with stations at lower prices than those of the major networks.
Remember that fuel prices are not set administratively, so each gas station can set its own prices. Estimates of price increases were therefore apparently lower than actual prices, perhaps because gas companies are already anticipating further increases in oil prices, following the war in Ukraine, which led to sanctions against Russia, the third largest oil producer in the world.
Indeed, the opening of the day of the Asian markets on Monday was marked by an increase in the value of the barrel of Brent, European benchmark, which at times exceeded the bar of 139 dollars. This price came after Russia’s invasion of Ukraine triggered the biggest surge in nearly two years last week – in which the commodity gained 21%. The all-time high at which Brent was traded was set in September 2008 at $147.50.
The figure was reached after US House of Representatives Speaker Nancy Pelosi said the White House was “exploring” ways to impose legislation to stop Russian oil imports. The Japanese government has also announced that it is discussing with US and European authorities the possibility of banning oil imports from Russia, Kyodo News reported on Monday.
By contrast, the price of gold surged above $2,000 in Asian markets, hitting its highest level since September 2020, as investors took refuge in a safe haven amid the instability of a war in Europe.
The Hong Kong Stock Exchange fell more than 3%, with mainland Chinese markets also falling, but less: the Shanghai Stock Exchange fell by 0.26% and the Shenzhen Stock Exchange by 0.53%. The Tokyo Stock Exchange opened lower, with the main index, the Nikkei, losing 3.46%.