A steep decline in the international oil price will work its way through to the pump price in Portugal in the coming week, Monday 22nd onwards, especially in the cost of petrol.
In New York, the quoted price for a barrel of oil was below USD40 reflecting an oversupplied market with Saudi Arabia continuing to pump maximum volumes.
The most significant decline in refined products has been for petrol with the average price for a metric ton falling 9.95%.
This could equate to a drop of 4 cents a litre for gasoline 95 which currently is selling for an average of €1.366.
As for diesel, the price should drop, but not by as much as petrol. Currently a litre of diesel is averaging €1,141 and reductions to €1.126 are expected after a fall of 4% in the international price.
In the cheapest country stations, diesel is being sold at 1,025 euros.
With low international prices, the benefit to the Algarve is that the oil companies with exploration rights continue to delay test drilling.
For current price information, see:
http://www.precoscombustiveis.dgeg.pt/
Comments
And next week, when the oil price goes up again, they can say world oil prices are outside their control...