Diesel and petrol moved in opposite directions this Monday, 3 August. At the time this article was published, standard diesel was up by 0.8 cents per litre, while standard 95 unleaded petrol was 0.6 cents per litre cheaper.
These figures may still shift during the day as more fuel retailers report their pump prices. The three main operators have already updated their figures.
Diesel and petrol price changes on Monday 3 August
Repsol and BP put standard diesel up by 2 cents per litre, whereas Galp applied a rise of 1.6 cents. For standard 95 unleaded petrol, the pattern was the reverse: Repsol cut the price by 1 cent, BP by 1.5 cents and Galp by 1.2 cents.
Average prices (DGEG)
Based on the figures recorded by the Directorate-General for Energy and Geology (DGEG) last Friday, 31 July, and at the time of publication, the average price of standard diesel stands at €2.05/l, while standard 95 unleaded petrol is at €2.018/l.
The DGEG figures already factor in discounts applied by fuel companies, along with the Government measures currently in place. Even so, it is important to remember these are average, indicative values and may not match the prices displayed at individual filling stations.
Why do fuels remain so expensive?
The sharp increases seen in recent weeks continue to mirror volatility in the oil market, driven by escalating tensions in the Middle East and disruptions to crude supply caused by the closure of the Strait of Hormuz. Around 20% of global crude trade passes through this route.
Brent crude, the benchmark for the European market, climbed above $100 a barrel at the height of the crisis. This Monday, although it has eased back to roughly $83 per barrel, it remains well above pre-conflict levels, when it was trading close to $70.
By comparison, before the situation in the Middle East deteriorated, the average price of standard diesel was €1.635/l, while standard petrol cost €1.705/l.
New adjustment to the ISP discount
In light of how fuel prices have been moving, the Government has announced a further adjustment to the extraordinary discount applied to ISP (Imposto sobre Produtos Petrolíferos e Energéticos), which has been in place since the start of March.
Under Ordinance No. 320-D/2026/1 of 31 July, the extraordinary discount applied to diesel increased from 7.52 cents per litre to 7.87 cents per litre. For petrol, it was reduced from 5.50 cents per litre to 5.24 cents per litre.
It is worth recalling that this exceptional measure was initially due to run until the end of June. However, the Minister for the Environment and Energy, Maria da Graça Carvalho, said the support will remain in place for as long as current market conditions persist. She also added that the discount will be withdrawn gradually once the situation stabilises.
This extraordinary reduction in the ISP amount is combined with the mechanism in place since 2022 to cushion the impact of fuel price rises following Russia’s invasion of Ukraine. That system partially lowers the tax applied to both petrol and diesel, and it has been progressively adjusted in line with price movements.
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