Fuel Prices Set to Rise in Madeira Amid Middle East Tensions
Madeira GuideFuel prices in Madeira are expected to increase due to the ongoing Middle East conflict affecting global oil prices, with new rates effective from March 9.
The ongoing conflict in the Middle East has triggered a global surge in oil prices, which is now impacting fuel costs in Madeira. Starting Monday, March 9, residents and tourists in Madeira will experience an increase in fuel prices, although the rise is expected to be moderate.
In the Autonomous Region of Madeira, the public sale prices for unleaded gasoline IO95, road diesel, and colored and marked diesel are regulated by a maximum price regime set by the Regional Government. This pricing mechanism considers multiple factors, including international prices, import costs, transportation, storage, and taxes such as the Petroleum Products Tax (ISP) and the Value Added Tax (VAT).
The maximum public sale prices for fuels are officially announced weekly by the Regional Government, typically on Friday, and come into effect from the following Monday.
The regional government has previously committed to reducing the ISP to mitigate the increase in fuel prices. However, no official decree has been published in the Official Journal of the Autonomous Region of Madeira to update these tax rates.
Lowering the ISP is expected to result in some of the lowest fuel prices in the country, though there is no guarantee that prices will not rise due to increased transportation and goods costs.
Sources
Madeira Guide
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