Lisbon, March 18, 2026 (Lusa) - Portugal’s Food and Economic Safety Authority (ASAE) carried out 39 inspections of fuel retailers and detected "a wide variety of irregularities" but found no cases of price speculation, the economy minister said on Wednesday.
"The government took the very simple initiative of asking ASAE to concentrate its activities or pay particular attention to possible price speculation on fuels," Manuel Castro Almeida told a parliamentary hearing.
Information from last Friday indicated that "ASAE carried out 39 inspections at fuel retailers and detected a wide variety of irregularities, but no cases of price speculation," the minister said. ASAE is Portugal’s food safety and economic compliance regulator for all sectors of activity.
The minister concluded that "there is no price speculation, according to ASAE, but they will remain on the ground to continue this assessment."
Castro Almeida also assured that the government "is attentive and vigilant to take any necessary measures," pointing out that the situation differs from that following the invasion of Ukraine, namely regarding gas prices.
Regarding oil, the minister highlighted a study on the impact of rising Brent prices on the economy, which concluded that a "20% increase in the price of Brent means a 0.1 decrease in GDP, an additional 0.3 percentage points in inflation and 0.2% less of GDP in the trade balance".
Thus, if the price increases by 10%, it will translate into a 0.3% increase in the consumer price index (CPI), and "it is based on this data that the government adjusts the appropriate timing for certain measures."
"As long as there are no structural changes in the economy, additional measures are not justified, but they will become justified if there are structural changes," he concluded.
On 13 March, the government approved new extraordinary cuts to ISP (fuel tax) rates in mainland Portugal, which should represent a "real saving" of 1.8 cents per litre of diesel and 3.3 cents per litre of petrol.
Fuel prices in Portugal rose this week, with diesel increasing by about 10 cents per litre and 95 octaine petrol rising by 10.3 cents, according to the national association of fuel retailers (Anarec).
The increase comes amid high geopolitical tension in the Middle East, with oil prices pressured by the closure of the Strait of Hormuz and international market volatility.
MES/LYT // AYLS
Lusa
