In January 2008, when a barrel of oil hit $100 for the first time, Euro 95 gasoline in Portugal averaged around €1.388/l, while diesel cost approximately €1.205/l.
Today, with WTI crude around $78.84 per barrel and Brent at $83.48, prices at the pump in Portugal are close to €2.150/l for gasoline 95 and €2.063/l for diesel. This signifies an increase of approximately 55% for gasoline and 71% for diesel since 2008.
This discrepancy shows that the relationship between crude oil prices and final pump prices is neither direct nor proportional. Factors such as refining, transportation, taxation, and commercial margins, along with European refining margins near historic highs, significantly influence the final cost to consumers.
