Questioned at a press conference, after the Council of Ministers, Leitão Amaro explained that “there was no deliberation on this matter [of the increase in oil and fuel prices], being as the conflict worsened significantly this weekend”.

“The effects on prices in international markets will be felt further down the line,” explained Leitão Amaro. “Its repercussions on price formation, not for crude oil, but for fuels for customers, will occur even further down the line.”

The minister said that the Council of Ministers discussed the evolution of the international situation in several areas, but chose to highlight two aspects.

“Firstly, Portugal’s oil and gas supply is largely based on Atlantic sources, from the North and South Atlantic and North Africa, many of which are long-term contracts. So from a certain perspective, this is a factor that mitigates a concern that I believe not only the government but all citizens of the world are feeling these days”, he stressed.

“But there is no doubt that price formation in the markets is influenced by a set of geopolitical developments in all producing countries as well”, he recalled. “Regarding the measures, these impacts are still largely potential, and if changes and a significant worsening of the situation occurs, the Government will naturally take measures to that end”.

“We are keeping an eye on this”, he assured.