Portugal has 92 days of fuel reserves, minister says, as pump prices hit record highs
Portugal's filling stations have fuel. The problem is paying for it. This is the message from the Minister for Environment and Energy, Maria da Graça Carvalho, who confirmed on Wednesday that Portugal holds 92 days of strategic reserves, two days above the international benchmark, even as prices climb to levels not seen in nearly two decades.
The reassurance on supply comes against a backdrop of sharp price rises across the European Union. Diesel in the EU reached a record €2.23 per litre in the week leading up to September 24, 2026, according to an Agence France-Presse analysis of European Commission data. Portugal has not been spared: the National Institute of Statistics recorded a 24 per cent rise in fuel prices in August, year-on-year, with diesel alone climbing more than 30 per cent.
"We are very well positioned with our reserves," Carvalho told journalists in Almada, after signing a protocol between the municipality and EPAL, the water utility. Liquid fuel stocks cover 92 days, against a recommended minimum of 90. For aviation fuel, reserves are 18 per cent higher than a year ago, even with a 3 per cent rise in consumption through August.
Why diesel costs more than petrol
Portuguese drivers have watched diesel overtake petrol at the pump in recent weeks. Simple diesel now averages €2.221 per litre against €2.115 for 95-octane petrol, according to the latest data from the Directorate-General for Energy and Geology.
The consumer association DECO PROteste explains why. Europe, it says, faces a structural deficit in diesel refining after closing dozens of refineries over recent decades. Before the war in Ukraine, the continent imported heavily from Russia. With sanctions in force, buyers have turned to the Middle East — Qatar and the United Arab Emirates — and to the United States, paying more for the privilege.
Added to this, attacks on Russian refining infrastructure have prompted Moscow to restrict exports of refined products, tightening global supply.
Crisis "we do not control"
Carvalho called for moderation. "We are facing a crisis that we do not control, that we do not know when it will end or how it will end," she said. Her advice to drivers: reduce speed where possible and share rides.
The minister stressed that Portugal draws fuel from Brazil, Nigeria, Algeria and the United States — none of which lie in regions of instability. "We have suppliers who have always been very reliable," she said. The government is also deepening ties with these partners, with a visit from the Algerian minister responsible for fuels expected shortly.
She acknowledged, however, that Portugal stores 132,000 tonnes of crude in France — a decision linked to the closure of the Matosinhos refinery in 2021, which cut national storage capacity by about a third. The government is evaluating options to enhance domestic storage, but no specific investment figure or timeline for repatriating stocks has been officially confirmed.
Support measures take effect
President António José Seguro promulgated a package of support measures on Friday. The decree, which entered into force on Saturday, 26 September, extends fuel subsidies for agriculture, forestry, fishing and aquaculture.
A 10-centimemo discount per litre of professional diesel will run until the end of the year. Support for the transport of goods and passengers, taxis, fire brigades and social solidarity institutions has also been renewed. For economically vulnerable households, the €25 subsidy per gas cylinder (limited to two per month) — a measure already in place — has been extended until 31 December.
Help those who need it most
The environmental association Zero argues that broad tax cuts are the wrong response. A 10-centimemo reduction in fuel taxes would cost the state about €730 million a year, it calculates, benefiting mainly those with multiple cars or longer commutes.
Zero proposes instead a direct payment of €150 to one million vulnerable households, costing €150 million, using criteria such as income, distance from work and lack of public transport. The remaining funds, it says, should go toward strengthening public transport and electrifying intensive fleets.
The group notes that road traffic grew 3 per cent in the first half of 2026, pushing Portugal further from its climate targets for 2030.
Slight relief expected next week
There may be some respite at the pump. Industry sources indicate that diesel should fall by around 5 centimos per litre next week, with petrol down about 2 centimos, after an adjustment to the Tax on Petroleum Products. These figures are provisional; official forecasts were due on Friday.
The international context remains tense. Brent crude for November delivery closed at $103.08 on Wednesday, up 3.86 per cent on the day, driven by diplomatic friction between Washington and Tehran.
For Portuguese households, the cost of filling a tank has become a significant line in the budget. At current prices, a 50-litre tank of diesel costs about €111 — more than a week's worth of groceries for the average family. The minister's message was clear: supplies are secure, but the era of cheap fuel is not returning anytime soon.
