3 euros of fuel per liter?The Petroleum Association says it’s an extreme prediction, but doesn’t rule out the scenario

Fuel prices have risen sharply and steadily over the past few months, especially since the war in Ukraine weighed on supply in the global oil supply market.

In Spain, the Spanish Federation of Service Station Entrepreneurs has already acknowledged that both diesel and gasoline fuel prices could reach € 3 per liter this summer. “I do not rule out scenarios,” said the federation president. “ABC”.

And in Portugal? “Multinews” contacts APETRO, the leading national association of the oil industry, to understand what can be expected from changes in fuel prices, and here whether a scenario of 3 euros per liter is possible as in Spain. I tried.

APETRO Secretary-General António Comprido said that while the price of “Multinews” is “extreme”, it is difficult to make a reliable forecast due to the complexity of the current global economic situation. Therefore, some scenarios may be open.

In other words, on this side of the border, the situation is sewn along the same line. “The volatility and unpredictability (…) of the market makes it very difficult to make forecasts,” said a person familiar with the matter.

António Comprido, some predictions may suggest “extreme value” at times of extreme instability and uncertainty, as we are experiencing today due to wars and pandemics in Ukraine. “History shows these scenarios rarely confirmed,” suggesting that a value of € 3 per liter could be one of those predictions. However, there is no guarantee that this scenario will not actually happen.

“This is a complicated issue,” he admitted. “Because of the many variables of the most diverse nature, forecasts are likely to be unpredictable for all impacts that affect market behavior, resulting in final consumer prices.

“The geopolitical situation resulting from the war and the economic sanctions imposed on Russia has created new and, as a result, even more unpredictable situations,” claims the head of APETRO. However, “there are other factors that contribute to higher prices, such as increased demand after the pandemic crisis, some instability in other producing countries, and reduced investment in the aforementioned crisis. It is reflected in the difficulty of supply to cope with the increase in demand. “

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