Portuguese drivers are bracing for a significant surge in fuel prices, with forecasts indicating a potential increase of up to €0.10 per litre as early as next Monday, March 9, 2026. This anticipated rise is primarily attributed to the escalating conflict in Iran and its impact on global oil prices. The National Association of Fuel Retailers (ANAREC) predicts that the current trend in stock markets, characterized by a "significant worsening," will likely result in higher fuel costs. The benchmark for the European market, Brent crude, has already seen a remarkable 17% increase since last Friday, surpassing the $85 mark and stabilizing above $83. This development is expected to have a direct effect on fuel prices in Portugal, where the pricing mechanism is based on the average prices of the previous week. The Secretary-General of EPCOL, António Comprido, emphasizes that the impact is almost inevitable, especially considering that refined products like petrol and diesel are rising even faster than crude oil. As a result, consumers are advised to fill up their tanks before next Sunday. The Portuguese government is yet to confirm whether it will intervene through taxation to mitigate the energy shock. The Ministry of Finance has not announced any changes to existing mitigation measures, such as reducing the Special Consumption Tax (ISP), which could help curb the anticipated sharp weekly price increase. This price hike will undoubtedly affect the cost of living and inflation in Portugal. The situation is particularly concerning given the recent increase in sales of obesity medication in the country, suggesting a potential shift in consumer behavior due to rising fuel costs. This development raises questions about the government's preparedness for such a scenario and the potential need for additional support measures for vulnerable populations. The Portuguese government's response to this crisis will be crucial in shaping the country's economic outlook and the well-being of its citizens. The coming days will be pivotal in determining the extent of the impact and the measures taken to address it.
