The Economic Regulation Agency (ARE) announced Tuesday that fuel prices will rise beginning midnight tonight, March 26. The price of gasoline will go up from 142.5 to 145.8 escudos per liter, while the price of 180 fuel oil will rise from 39.24 to 43.95 escudos. According to the ARE, the prince increase is the result of pressure from the international market, where oil prices have reached a high of 105 US dollars a barrel.

Butane gas will also see price increases, with a one-kilo canister jumping from 135.2 escudos to 144.3, while three-kilo canisters will go from 365 to 411 escudos.

The ARE will hold a press conference today in which its president, Renato Lima, will explain the reasons that led to the regulatory agency to go ahead with this most recent price hike. The last fuel price increase took place in October 2007.

Source: A Semana