Portugal’s Trade Minister Manuel Pinho Calls for Lower Fuel prices

While Pinho stopped well short of saying the government would step in to set prices if that didn’t happen, he did stress that he would use any means necessary to ensure consumer protection. So far the main petrol retailers have kept prices steady, citing an overall shortage of refined products in the market despite the crude price slide.

DECO, the consumer defence group, has said it may organise a day of protest if petrol prices do not fall, while President Cavaco Silva was more diplomatic, noting the formation of petrol prices is complicated and involves many factors, not just the price of the raw material.

Galp’s CEO Manuel Ferreira de Oliveira, meanwhile, told local media  that the market price for crude was a central factor, but not the only one to determine petrol prices. He however stressed that the lower prices made it more likely for pump prices to adjust downward. Galp kept its prices unchanged over the week, while BP raised its prices for petrol at the pump, citing the still-high cost of refined fuel. BP lowered the price for diesel, at the same time.

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