Fuel prices in Portugal drop by up to 9.5 cents on Monday
On 9 November, petrol in Portugal became 9.5 cents cheaper and diesel 9 cents cheaper. The fall was smaller than forecast because the government reduced an extraordinary discount on the petroleum products tax.
Fuel prices in Portugal fell on Monday, 9 November: petrol became 9.5 cents cheaper and diesel 9 cents cheaper. Prices in the country have been volatile since the end of February, when US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu attacked Iran. The conflict is affecting fuel markets in Portugal and around the world.
The Automóvel Clube de Portugal (ACP), the country's automobile club, estimated that petrol should have fallen by 12.5 cents and diesel by 11 cents. The drop was smaller because the government reduced the extraordinary discount on the Tax on Petroleum Products (ISP). According to the DGEG portal's simulator, standard 95 petrol cost €1.92 and special diesel €2.13 at a filling station in central Lisbon on Monday.
Falls may be slow
Environment and Energy Minister Maria da Graça Carvalho told broadcaster Rádio Renascença that the trend is downward, but the decline could be very slow. She pointed to the destruction of refineries not only in the Middle East but also in Russia and Ukraine, saying it will take a long time to rebuild, repair or build them from scratch.
The war in Iran, the resulting closure of the Strait of Hormuz and continuing attacks on oil tankers in the Persian Gulf since March are cited as factors behind the price movements. Portugal also sources crude oil from other regions: in 2025, 42.3% came from Brazil, 19.6% from Algeria, 10.6% from Nigeria, 10% from Azerbaijan and 7.6% from the US. The minister stressed that the country is still affected by price changes because the market is global.
On Friday, a barrel of Brent crude closed at $98.68, down $15.11, or 13.32%, from the previous week. At 15:00 on Monday, Brent was trading at $94.00 a barrel. This suggests further falls are possible, but uncertainty around the conflict between the US, Israel and Iran keeps fuel prices highly volatile.
