This morning the news of diesel prices rising 24 cents has sent everyine to fill up their cars, with queues at most petrol stations.
But now in the news the rises are much lower.
Regional Government reduces ISP rates to try to curb price increases due to tensions in the Middle East.
Fuel prices will increase next week in the Autonomous Region of Madeira (RAM), following the price surge already seen in international markets due to tensions in the Middle East. Prices haven’t risen further only because the Regional Government intervened in the differential of the ISP (Special Consumption Tax) rates.
The increase will be more pronounced in road diesel, which will see a rise of 3.0 cents starting next Monday, going from the current 1.483 euros per liter to 1.513 euros per liter. In other words, filling up with 50 liters of diesel will cost 2.5 euros more starting Monday, therefore a high volume of customers is expected at gas stations this weekend.
As for marked and colored diesel, the increase will be 2.7 cents, rising from the current 1.001 euros to 1.028 euros per liter.
As for unleaded super gasoline IO 95, another of the most consumed fuels, the increase will be 1.7 cents, varying from the current 1.567 euros per liter to 1.584 euros per liter (maximum retail price). This means that for a 50-liter fill-up, consumers will have to spend 85 cents more.
The maximum retail prices are set weekly by a joint decree between the regional secretariats of Economy and Finance and will be in effect from 00:00 on Monday in the Autonomous Region of Madeira (RAM).
This results from the reduction in the incidence of ISP (tax on petroleum products) rates on the maximum selling prices of the main fuels in the RAM (Madeira Autonomous Region), as predicted this morning by the President of the Regional Government, Miguel Albuquerque, as a way to mitigate the impact of the price increase.
Also this morning, the Regional Secretary for the Economy, José Manuel Rodrigues, admitted that fuel prices could increase in Madeira, similar to what will happen in the country and in other parts of the world due to the war between the United States and Iran, adding that “they will always have a lower price, because the ISP (Special Consumption Tax) in Madeira is always lower than it is in the Azores, than it is on the mainland.”