Brussels, May 5, 2026 (Lusa) – Portugal's finance minister said in Brussels on Tuesday that the country would introduce taxes on windfall profits of energy companies, similar to measures implemented in 2022 during the previous fuel price crisis.

"We will take the measures implemented in 2022, calibrate them, improve them and shortly, present a proposal to parliament," Joaquim Miranda Sarmento told journalists in Brussels. 

He said that the European Commission left the final decision to each member state.

He clarified that the current situation differs from 2022. While fuel prices have risen sharply, inflationary pressures remain low, as core inflation (excluding food and energy) remains between 2.2% and 2.3%.

"Approximately one month ago, alongside other countries, mainly Germany and Spain, we presented a letter to the Commission stating that it should propose taxation at the European level, but if it did not do so, it should leave that decision to each member state," he said. The Commission has now approved this approach.

He said that the countries signing the letter should "seek to coordinate responses," leaving the door open for other member states to join the measure.

"We will seek to have as much coordination as possible and to learn from each other about potential measures that we might be preparing," he said.

The most recent conflict in the Middle East, which began in late February and involves the US, Israel, and Iran, has increased tension in energy markets. Disruptions in the Strait of Hormuz, one of the world's primary oil and gas transport routes, have further impacted the sector. The partial blockage of that strait has contributed to rising energy prices and greater market volatility.

IG/RYOL // ADB.

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