Consumer fuel prices in Portugal accelerated sharply in May, with diesel costs rising 30.3% and gasoline 95 up 19.3% compared to the same month in 2025, according to data from the Directorate-General for Energy and Geology.
The surge underscores the rapid transmission of global energy market volatility to European retail markets, as geopolitical tensions in the Strait of Hormuz continue to weigh on supply chains.
Brent crude prices have spiked approximately 60% in recent weeks, driven by persistent shipping risks and military activity in the Strait of Hormuz.
The price increases are even more pronounced when excluding taxes, with average diesel prices jumping 55.9% and gasoline 40.5% year-on-year.
This divergence highlights the extent to which underlying crude oil benchmarks, rather than fiscal policy, are driving the current inflationary pressure on transport costs.
The data aligns with broader regional trends where energy-intensive sectors face margin compression amid sustained high input costs.
Brent crude prices have spiked approximately 60% in recent weeks, driven by persistent shipping risks and military activity in the Strait of Hormuz.