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 (DGEG).
The surge reflects a broader spike in global energy markets, where the average Brent crude price climbed 60.3% year-on-year during the same period.
As crude benchmarks rallied, the cost pass-through to European pump prices became increasingly acute, with Portugal’s figures mirroring a wider EU trend where diesel prices rose 29% and gasoline 16% year-on-year.
The price escalation is directly linked to persistent geopolitical tensions surrounding the Strait of Hormuz, which have kept shipping routes exposed and pressured global supply chains.
As crude benchmarks rallied, the cost pass-through to European pump prices became increasingly acute, with Portugal’s figures mirroring a wider EU trend where diesel prices rose 29% and gasoline 16% year-on-year.
Industry analysts note that the transmission of crude price shocks to retail fuel is often asymmetric.
The Portuguese National Energy and Water Regulation Authority (ERSE) has previously warned that while price increases are passed through quickly, reductions in refining costs tend to be absorbed more slowly by the market.