Diesel drops almost 20 cents in 18 days

After reaching the highest value ever on June 22, diesel has accumulated price drops, which today should add up to around 6.5 cents more per litre. In 18 days, filling the tank cost less than 10 euros. But it’s still much more expensive than before the war

The price of diesel fell almost 20 cents per liter in the last 18 days, with a drop of around 6.5 cents estimated for today. The main reason is the decline in the price of petroleum products in the same weeks, whose trend remains, however, too volatile to guarantee that the declines will continue.

Estimates point to the average selling price of simple diesel in mainland Portugal reaching today a value approaching 1.9 euros per liter, which compares with a price of 1,971 euros this Sunday. The data are from the Directorate-General for Energy and Geology, which will only publish today’s confirmed prices tomorrow.

The 1.9 euros expected for today compares with the 2.1 euros per liter recorded as an average on June 22, the day on which diesel reached the highest average price ever in Portugal.

If the forecasts for today are confirmed, it will be a drop of almost 20 cents per liter in 18 days. So, filling up a 50 liter tank of diesel will cost around 10 euros less today than it did just over two weeks ago.

Despite the sharp drop in the last two weeks, and the tax cut on petroleum products introduced in the meantime by the government, simple diesel remains about 25 cents more expensive than on the eve of the Russian invasion of Ukraine. In other words, filling up the same 50-liter tank costs 12.5 euros more than on February 23.

The war and the subsequent sanctions imposed on Russia by the West have been the main drivers that heat up the international price of oil, which about a month ago was at 124 dollars a barrel, in the Brent index.

In the last two weeks, the price dropped a lot, dropping below 100 dollars for brief moments at the end of last week. On Friday, when the market closed, a barrel of Brent oil was quoted at 106.81 dollars.