Portuguese president mobilizes exceptional measures to reduce fuel prices

Portuguese President Marcelo Rebelo de Sousa enacted a decree on Wednesday, imposing “exceptional and temporary measures” to reduce fuel prices, making effective a proposal already approved in the Portuguese parliament at the end of last week.

The decree suspends the rates of tax on petroleum products (ISP) applicable to diesel and unleaded gasoline, which can be set “up to a minimum rate of zero euros.”

In a note published on the Portuguese Presidency’s official website, the country’s head of state said that the measure aims to “respond to the increase in fuel prices,” which have been sharply rising in recent months.

The decree also provides for a quarterly report to be published with information regarding the formation of prices for the sale of fuels to the public.

The approved proposal will be in effect until Dec. 31, 2022, and also includes other strategic primary areas, such as the exemption from Value Added Tax (VAT) on fertilizers and animal feed products “when used in agricultural production activities.” ■

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