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Government wants to shift focus from the real reason for the rise in fuel prices, says ANAREC – O Jornal Económico

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Anarek believes that in a statement in which he expresses “surprise and surprise” at the government’s announcement that it will propose an ordinance law permitting measures to reduce fuel margins, he still expects to understand how the promised law will affect operations resellers. it is intent as a way to focus on commercial margins as the reason for the rise in prices, “distracting the consumer from the real reason the price is so high.”

ANAREC’s response came after Environment and Climate Minister João Pedro Matos Fernandez announced at a parliamentary hearing that the area he oversees would propose “even today, a decree-law that allows the government to take measures to market the fuel. margin so that the fuel market reflects its true value. “

According to a government official, the goal is that whenever there is a decline in commodity prices, “it is felt and appropriated by consumers, rather than being appropriated by market margins, also avoiding sudden increases and potentially unnecessary ones.” …

In a statement, the association emphasizes that in Portugal the fuel price is determined on the basis of factors that “reflect a tax burden of about 60%, that is, for each euro charged, 0.60 euros corresponds to taxes and duties”.

In this context, the statement added: “The state treasury has naturally benefited from the price increases as they will necessarily also increase related taxes, as is the case with the Internet service provider and VAT.

Anarek also emphasizes that the increase in fuel prices that occurred in Portugal “is mainly associated with the dynamics of international markets, which have recently shown a tendency to increase in oil prices”, therefore he does not agree with the statements of Matos Fernandez on the rise in fuel prices ”.

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According to the association, most entrepreneurs in the sector are currently facing greater difficulties due to lower profitability and increased cost structures.

Supplier margins at the end of June were 36.6% higher for gasoline and 5% higher for diesel than the 2019 average, according to a National Energy Sector (ENSE) study released today.

Referring to the study “Analysis of fuel price dynamics in Portugal”, the fuel sector oversight organization concludes that “during the critical months of the pandemic, average selling prices for the population fell at a distinctly lower rate than the decline. in prices. reference prices “, which means that” thus, the supplier mark-up reached its maximum in 2020 for the period under review. “

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Economy

House fees will rise from 89 to 202 euros in October for contracts with Euribor.

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House fees will rise from 89 to 202 euros in October for contracts with Euribor.

An enterprise simulation shows that a client with a loan of 150 thousand euros, for a period of 30 years, indexed to Euribor for six months and with a “spread” (bank profit margin) of 1%, starts paying from October 600.20 euros, which 146 euros more than the last review in April.

In the case of a loan with the same conditions (amount and maturity), but indexed to a three-month Euribor, the client will pay 555.25 euros, which is 89.08 euros more than in July this year.

Finally, for loans indexed to the 12-month Euribor, the mortgage payment on the loan under the above conditions will be 651.41 euros, which is 202.10 euros more than in October last year.

These values ​​have been calculated using September averages of Euribor of 1.596% for six months, 1.011% for three months and 2.233% for 12 months, according to Deco.

Today, on the last day of September, the Euribor rates rose to three and six months and fell to 12 months compared to Thursday.

The six-month Euribor rate, most commonly used in Portugal for home loans and entering positive territory on June 6, rose to 1.809% today, up 0.009 points, after rising to 1.858% on Wednesday, the highest since January 2009. .

The 3-month Euribor, which hit positive territory for the first time since April 2015 on July 14, also edged higher today when it was set at 1.173%, climbing 0.013 points after rising to 1.228% on September 27, a new high. since January 2012.

On the other hand, in 12 months, Euribor fell today, for the third time since September 9, when it was set at 2.556% minus 0.022 points against 2.625% on September 27, a new high since February 2009.

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Euribor began to rise more significantly since February 4, after the European Central Bank (ECB) acknowledged that it may raise key interest rates this year due to rising inflation in the eurozone, a trend that has accelerated with the start of Russia’s invasion of Ukraine. 24 February.

On September 8, the ECB raised three key interest rates by 75 basis points, the second consecutive increase this year, as it raised three key interest rates by 50 basis points on July 21, for the first time in 11 years. the purpose of curbing inflation.

At the end of the last meeting, ECB President Christine Lagarde said that a historic 75 basis point hike in interest rates was not “the norm”, but stressed that the evaluation would be carried out from meeting to meeting.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates were the lowest ever, respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor is set on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.

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Economy

Inflation accelerated to 9.3%, a new 30-year high | Prices

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Inflation accelerated to 9.3%, a new 30-year high |  Prices

Price pressure on the economy is not easing. The consumer price index (CPI) rose 0.4 percentage points year-on-year in September to its highest level since October 1992. The inflation rate in Portugal in September amounted to 9.3%. quick assessment published this Friday by the National Statistical Institute (INE). In August, the value was recorded amounted to 8.97%.

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Economy

Germany prepares €200bn emergency plan for winter

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Germany prepares €200bn emergency plan for winter

The German government is preparing an emergency plan to ensure energy supplies during the coldest months of the year, at a time when the country’s energy security has become even more threatened after this week’s leaks in the Nord Stream gas pipeline.

Realizing that winter could be one of the harshest in recent years, the chief executive, led by Chancellor Olaf Scholz, has developed a 200 billion euro plan to address the energy shortage, using funds intended to mitigate the effects of the Covid-19 pandemic. . This strategy includes measures such as capping electricity and gas prices and supporting companies.

El Economista notes that the plan will increase the debt of Germany, which is already struggling with rising inflation, which stood at 7.9% in August.

“Prices must come down,” Scholz said in Berlin this Thursday, noting that comprehensive measures will be taken to protect pensioners, employees, families, “people from the countryside and the city, so that everyone can move.” go ahead and pay your bills.”

The German government guarantees that the package will not affect the country’s national debt targets next year and that it has been designed to protect the economy without hurting inflation.

“Russia is not only using weapons in the war in Ukraine, but also turning its energy resources into weapons at the international level,” Scholz accused.

Just today, the German energy regulator warned that households and businesses have consumed more gas than expected over the past week as temperatures begin to drop as autumn arrives. And he warns that savings of at least 20% are needed to avoid winter fuel shortages.

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