The key facts

  • Gasoline fell by 9.5 cents and diesel by 9 cents; according to ACP estimates, the drop could have been 12.5 and 11 cents respectively
  • The government reduced the extraordinary ISP discount, which reduced the final price decline
  • Brent closed on Friday at $98.68 — 13.32% lower than a week earlier

The biggest drop since March

On Monday morning, November 9, gasoline in Portugal became 9.5 cents cheaper, and diesel fuel 9 cents cheaper. As euronews notes, this is the largest decline since March, that is, since the moment when, in the outlet's wording, Donald Trump and Netanyahu attacked Iran at the end of February. At a filling station in central Lisbon that day, according to the calculator on the DGEG portal, 95 gasoline cost 1.92 euros, and special diesel 2.13 euros per liter.

The drop could have been bigger

According to the Automobile Club of Portugal (ACP), gasoline should have fallen by 12.5 cents and diesel by 11 cents. The actual decline turned out to be smaller because the government reduced the extraordinary discount on the petroleum products tax (ISP): part of the benefit from cheaper fuel thus did not reach consumers.

Minister: the decline will be slow

Minister of Environment and Energy Maria da Graça Carvalho in an interview with Rádio Renascença acknowledged that 'the trend is downward,' but warned that this process may 'be very slow.' According to her, the dynamics depend on external factors, including the 'destruction of oil refineries' not only in the Middle East but also 'in Russia and Ukraine,' where the facilities 'will take a very long time' to restore or rebuild.

Why Portugal depends on world prices

Prices are affected by the war in Iran, the closure of the Strait of Hormuz, and the ongoing attacks on tankers in the Persian Gulf since March. Portugal, although it receives crude oil from other regions — according to 2025 data, about 42.3% of supplies come from Brazil, 19.6% from Algeria, 10.6% from Nigeria, 10% from Azerbaijan, and 7.6% from the United States — still feels price fluctuations, 'because it is global,' the minister emphasized.

Brent fell 13% in a week

On Friday, a barrel of Brent closed at $98.68 — $15.11 (13.32%) lower than a week earlier, on October 30, and at 3:00 p.m. on Monday Brent was trading at $94.00. euronews calls this decline in benchmark quotes a good sign of further price reductions, but the uncertainty surrounding the conflict between the United States, Israel, and Iran keeps fuel prices highly volatile.