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Gasoline prices have fallen to pre-war levels

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Gasoline prices have fallen to pre-war levels

Next Monday, a liter of 95 petrol will fall 10 cents to 1,789 euros, reaching pre-Ukraine conflict levels. The relief is smaller in plain diesel, which drops just 9 cents to 1,736 euros per litre.

Next Monday, when the consumer goes to fill up the car, he will feel a significant relief in his wallet. Falling for the ninth week in a row, the average price of a liter of 95 petrol is expected to fall another 10 cents, from 1,889 euros to 1,789 euros, reaching pre-war levels in Ukraine, the Directorate General of Energy said. and Geology (DGEG).

THIS IS for the first time this fuel is below pre-war values: on the eve of the start of the conflict, on February 23, a liter of ordinary gasoline cost 1816 euros, that is, two hundredths more than the prices that should be charged at gas stations next week.

Simple diesel should also be cheaper, but the drop is less dramatic than that of gasoline: from 1.826 euros per liter (the average value indicated by the DGEG) to 1.736 euros. A drop of nine cents that nonetheless maintains a value above the €1,660 recorded prior to the Russian invasion of Ukraine. The explanation lies in the fact that Russia is very strong in diesel fuel, so its exit from the market affects this fuel more than gasoline. Question about the law of supply and demand.

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The war in Ukraine began early in the morning on February 24th. In the following weeks, fuel prices rose sharply, mainly due to the conflict and the embargo on Russian oil imposed by the West as a sanctions measure. On March 14, simple gasoline exceeded the threshold of 2 euros per liter, while diesel was very close to this threshold. Diesel broke the 2 euro per liter barrier later in the week of June 13th.

In recent weeks, news of a possible recession coupled with runaway inflation that could trigger devastating stagflation has been ringing the bells. Recall that at the end of July the United States of America entered a technical recession. The world’s largest economy recorded a 0.9% fall in the second quarter of the year after contracting 1.6% in the first three months of 2022.

Given this scenario and the news that the US has increased crude oil inventories, the barrel of oil in world markets has fallen. This week, the average Brent crude price is down more than 8% from last week’s average, which explains another drop in fuel prices next Monday.

Gasoline and diesel prices continue to be affected by three government mitigation measures and will be reviewed at the end of August. The ISP rebate, equivalent to a reduction in the VAT rate from 23% to 13%, compensation through the ISP, a reduction in additional VAT revenues, and a suspension of the carbon tax update reduced the fee by 28.2 cents, the tax on diesel and 32.1 cents. on gasoline, according to the Socialist Executive.

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Economy

TUGA offers new electric vehicles in three segments: from sports to trucks – Computers

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TUGA offers new electric vehicles in three segments: from sports to trucks - Computers

Based in Vancouver, Canada but co-founded by Portuguese Cesar Barbosa, TUGA Innovations is developing solutions for urban mobility. AT February showed its first working prototype of the TUGA electric car, but has now revealed its plans to develop a whole family of urban mobility solutions.whether for use by independent consumers or for operators with a fleet of commercial models.

The company says that based on market research, it has decided to change its strategy, highlighting TUGA Innovations’ ability to easily transform the functional design aspects of its base model. So it’s over several predefined vehicle configurations which, although sharing a few common design featurestarget different uses and customer needs, whether it is a focus on mobility, services or utilities.

TUGA Innovations offers three vehicle categories as well as proprietary component options such as retractable rear axle or retractable landing gear, which the company later says will be segmented to suit different market sectors..

See the various TUGA models in the gallery:

The first category is dedicated limited-edition high-performance cars that can transformsuch as removing the front windshield and rear bin to create the look of a roadster. They fit the TUGA Thunder and TUGA Falcon models.

The second group of vehicles includes TUGA Commuter and TUGA Deliver, which, in fact, are demonstration models of the manufacturer. They allow you to swap body parts that have now been redone with more safety components added.. Vehicles can also be purchased in a package called Mobility as a Service (MaaS) for functional integration into delivery fleets as well as daily commuting.

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Finally, the TUGA Cargo and TUGA Pickup models. expand your chassis to meet the needs of urban micrologistics. The vehicles have a capacity of 600 liters of cargo space in an 88 cm long model, combined with an extended 128 cm rear axle for added stability.

See prototype images in the gallery:

Regardless of category, the startup claims its entire family of vehicles has been designed to make transit and parking easier.. The retractable axle improves stability at high speeds, and the retractable chassis allows passengers to easily get inside the vehicle.

According to Cesar Barbosa, his startup creates not just a vehicle, but a solution to the problems of urban mobility. The project manager adds that since the presentation of the prototype, the family has expanded to offer different products and other features of its electric vehicles..

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Economy

Gas. Bottle sellers adjust prices

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Gás. Vendedores de garrafas corrigem preços

















Gas bottle sellers have adjusted prices that are not in line with government regulations limiting those values, said the National Energy Sector Organization (ENSE), which returned yesterday to review activity.

After conducting the first inspection on Tuesday, which found “high non-compliance” in 23.4% of outlets, the organization again carried out “108 inspection actions in Castelo Branco, Portalegre, Santarem, Evora and, in the municipalities of Cascais, Oeiras and Sintra in the Lisbon area, focusing on petrol stations, hypermarkets/supermarkets and other retail outlets.”

During this second check, ENSE found “seven violations (corresponding to 6.5% of the actions taken) in the selling prices (from 0.36 euros to 3.39 euros for T3 bottles and 6.92 euros for T5 bottles) of this type of product.” But he left a guarantee: “Of these actions, it was established mainly the correction of inappropriate prices, namely in relation to inflated amounts charged in several hypermarkets of the same brand.”

The maximum prices per bottle of liquefied petroleum gas (LPG) set by the government came into effect on Tuesday, saving almost 3.2 euros on a 13 kilograms (kg) bottle of butane.



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Economy

FRS minutes Press end of the session. Wall Street closes in the red – stock exchange

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FRS minutes Press end of the session.  Wall Street closes in the red - stock exchange

The session on Wall Street ended the same way it began: in the red. Closing of the day was marked by the publication of the minutes of the last meeting of the Federal Reserve System (FRS) of the United States, and technology fell most of all.

The Dow Jones Industrials fell 0.50% to 33,980.32 and the S&P 500 fell 0.72% to 4,274.04. For its part, the Nasdaq Composite Technology Index fell 1.25% to 12,938.12.

The Fed said in the minutes that it fears high inflation will take root in the US economy if the market begins to factor in a slower pace of US interest rate hikes. “Participants [no encontro] considers that there is a significant risk for the committee that high inflation could take root if the public begins to doubt that the committee will sufficiently adjust its political position, ”the minutes say.

The market has balanced, on the one hand, the likelihood that inflation has already peaked after the fall in the consumer price index in July, as well as the good results of companies in the “reporting season”.

According to Bloomberg, four out of five reporting companies achieved the expected results or even exceeded analysts’ estimates.

On the other hand, investor sentiment is under pressure from the fact that the US has entered a technical recession, as well as the prospect of further tightening of the Fed’s monetary policy, which could further worsen this scenario.

During this session, in addition to these concerns and good news, investors continued to digest data on US retail sales, which rose 0.7% higher than expected.

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Among the major market moves, shares of Target stood out, which fell 2.66% after the retailer reported results below analysts’ expectations.

Lowe’s, by contrast, rose 0.54% after the building materials retailer released last quarter results that beat analysts’ forecasts.

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