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Monday, 18 October 2021

Portugal: Petrol, diesel prices continue to surge to new records

Two days after the government stated it will reduce its tax grab on the price of gasoline and diesel, both prices have risen for the 35th time this year, evaporating the government's gesture.

Both diesel and gasoline prices have increased by 1.5 cents as of Monday morning, making Portugal's fuel the 5th most expensive in Europe and diesel the 9th most expensive in the union.

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This is comparable to price rises experienced in 2012, when Portugal was dealing with a sovereign debt crisis.

The surge in fuel prices is having an impact on economies all over the world. It's a result of the pandemic's slowed output followed by a surge in demand (when countries reopened for business).

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