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Diesel and gasoline. Apetro appreciates the inclusion of fuel and taxes – O Jornal Económico

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Diesel and gasoline.  Apetro appreciates the inclusion of fuel and taxes - O Jornal Económico

The Portuguese Association of Petroleum Companies (Apetro) links the current level of fuel prices, higher than in 2008, even if the price of oil is lower, due to the inclusion of fuel and the tax burden.

“There is a lot of speculation as to why, with the price of oil and petroleum products well below the 2008 peak, the pump selling prices are higher than during that period,” said a note sent by Apetro this Friday.

In the same note, the association presents two graphs detailing prices for the weeks of July 7, 2008 and June 28, 2021, concluding that “the explanation for the price increase lies in the additional cost of biofuel inclusion and, above all, in the cost of biofuels. tax burden ”(ISP – Tax on petroleum products and VAT – Value added tax).

Apetro data show that during the period under review, petrol cost € 1.517 in 2008 and € 1.652 in 2021, with the price falling and taxes increasing, as well as the costs of switching fuel.

Diesel has a similar behavior, with an average price of € 1,419 in 2008 and € 1,448 in 2021, but with more significant price reductions and higher tax and cost increases with fuel included.

Plain petrol 95 and petrol prices rose 1.2% and 2% in May to 1,639 and 1,441 euros per liter, respectively, the Energy Regulatory Authority (ERSE) reported on June 25.

According to the May 2021 LPG Fuel Market Bulletin issued by the energy regulator, the average selling price (PVP) of diesel fuel was in line with the international market, recording an increase of “2% over the previous month”, “Gasoline rose 1 , 2% for the same period. “

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Last year, ERSE enforced invoices at petrol stations detailing the fees and taxes levied, the additional costs of using biofuels, and discounts.

The ERSE regulation sought to improve consumer information in a “clear, objective and adequate manner” by detailing information on total price, fees and taxes, additional transport costs, and even shipping costs.

A diploma setting an increase in the target for the inclusion of biofuels to 11% in fuels for consumption in the national territory in 2021 was published in the Diário da República on 20 January and took effect the next day.

According to the diploma, the developers [de biocombustíveis] they have a responsibility to contribute to the achievement of the incorporation targets ”, which were set at 11% this year.

An official source from the Ministry of Environment and Climate Action told Lusa in December that the biofuel introduction target for 2021 will be 11%, up from 10% in 2020, with the contribution remaining at 0.5%. Advanced biofuels made from waste and other raw materials are considered more environmentally sustainable.

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Economy

ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 – ECO

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ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 - ECO





ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 – ECO































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Economy

Kazakhstan is preparing to supply oil to Azerbaijan instead of Russia – Oil

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Kazakhstan is preparing to supply oil to Azerbaijan instead of Russia - Oil

In the international oil market, a new adjustment of black gold routes may occur. Kazakhstan is preparing to export its oil via Azerbaijan’s largest oil pipeline to circumvent Russia’s threat to close the Black Sea port of Novorossiysk.

After a Russian court threatened to cut off an oil route through which Kazakhstan exports black gold to the world, Astana is preparing to ship its oil from Azerbaijan’s largest oil pipeline as early as September, sources close to the case say, citing Reuters.

For about two decades, Kazakh oil, which accounts for 1% of the world’s oil reserves, was transported through the CPC (Caspian Pipeline Consortium) pipeline, which was sent to the Russian port of Novorossiysk on the Black Sea, from where the oil was shipped. the rest of the world.

However, in July a Russian court threatened to shut down the CPC pipeline to Kazakhstan, prompting the Astana government and foreign companies operating in the country’s oil sector to reach out to other possible partners to ensure that if Russia ceases to act as a bridge between Kazakhstan’s oil and the world There may be other transportation options.

Thus, one of the sources assured Reuters that the Kazakh oil company Kazmunaigas (KMG) is negotiating with the Azerbaijani side to export 1.5 million tons of oil per year through the Azerbaijani pipeline, which transports raw materials to the port of Ceyhan. , Turkey. The contract is to be signed in August, and oil on this route is to start in September.

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However, these agreements may not be enough to ensure that the world receives the same number of barrels of oil from Kazakhstan as before Russia’s possible production cuts.

According to the British agency, this partnership will bring 30,000 barrels of oil per day to countries buying Kazakh oil, which is very small compared to the 1.4 million barrels per day currently transported by CPC.

In addition, two other sources report that Astana is in talks to have another 3.5 million tons of crude oil annually exported via another pipeline to the port of Supsa in the Black Sea region from Georgia starting next year. In a Reuters report, KMG representatives declined to comment on the issue.

Kazakhstan can make a difference in the uncertain future

By seeking to sign these agreements, Kazakhstan can not only ensure its own economic viability, but also ensure that the imbalance between supply and demand for oil on the international market does not worsen.

Oil consumption is expected to rise to 2.1 million barrels a day this year, up 300,000 barrels from the previous forecast, according to International Energy Agency data released this Thursday.

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Economy

Caixa Geral de Depósitos may close 23 branches this month – Executive Digest

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The union of workers of the CGD group companies, STEC, has published information received from the administration of Caixa Geral de Depósitos (CGD), announcing that the bank intends to further cut costs and close 23 more branches during August, with more frequency in the Lisbon and Porto areas .

The union warns that with this closure there will be an “inevitable congestion” of other branches in these areas, pointing out that even now they are having difficulty responding to services and recalling that from 2012 to 2022 they left CGD more than 3,300 workers and 300 branches were closed in Portugal.

STEC points to the government’s statement that it “cannot abdicate its responsibility for territorial integrity” and that “it is essential that the state defines the strategic direction that the bank must take, namely its responsibilities in terms of the public interest “. … and the needs of the population, guaranteeing them a service of proximity and quality.”

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