Fuel prices skyrocket 11% in Portugal – could top 55% without Europe-wide or Portuguese Government caps

Consumers have seen fuel prices skyrocket 11.1% and gas 7.2% over the past two years according to data from the National Statistics Institute (INE).

“Rising energy and fuel prices” are the two things that have “most impacted the cost of living for the Portuguese” who have had to cope with massive price hikes”, says Vítor Machado, director of Area of Products and Services for Deco Protest quoted by the news agency.
And the price is likely to go even higher as the price of a barrel of Brent crude soared to its highest level since 2014 at US$112 on Tuesday, while shares from Portugal’s oil and gas energy company Galp went up 6% on Wednesday.
The price of natural gas also shot up by 55% to a record €194 peer MWh on the international markets, fuelled by the explosive situation in Ukraine.
The Consumer Price Index measured by the INE shows that energy products suffered the greatest variation between January 2020 and January 2023, as well as essential foodstuffs which also suffered 2-digit increases.
According to data analysed by Lusa, for the period under consideration, the price of gas suffered a 7.2% increase, with electricity increasing by 4.4% and sold fuels up by 6.9%.
These price hikes hit consumers each time they fill up their cars or pay their electricity or gas bills which does not come as a surprise to Vítor Machado who is convinced that these increased energy prices are here to stay, particularly with the current conflict in Eastern Europe which is putting even more pressure on the markets.