Contraponto: Labour package negotiations and the energy price crisis

CIP/ISEG Barometer: national economy stagnates in the 1st quarter due to bad weather and the war in Iran

The April CIP-ISEG Economic Situation Barometer estimates that GDP remained stable in the first three months of 2026, representing a year-on-year growth of 2.2%. This result is partly due to a base effect following the contraction in early 2025, the adverse impact of storms in January and February, and the initial effects of the conflict in the Persian Gulf. The report notes a 4.4% year-on-year drop in industrial production in February, largely attributed to the severe weather. It anticipates that public support programs and insurance payouts will mitigate some of the negative impact on growth throughout the year. Rafael Alves Rocha, Director-General of CIP, warns of the risk of an energy price shock spreading through the economy, noting that current government measures are insufficient and calling for direct support for affected companies. While overall economic sentiment deteriorated, some sectors, such as light vehicle production and cement sales, showed positive growth.

3 PM. Fuels: Galp says there is no reason for alarm

The oil company assures that it has had practically no shortages due to the conflict in the Middle East. Also in this newspaper, the Minister of Agriculture appeals to Brussels to adopt a plan for fertilizers.

Ministers debate today how to avoid impact on the transport sector in the European Union

Portugal will be represented at the virtual meeting by the Minister of Infrastructure, Miguel Pinto Luz.

ANAREC calls for 6% VAT on gas cylinders and warns that the sector may disappear without tax relief

The president of ANAREC, João Durão, argued in parliament today for a reduction in VAT on bottled gas from 23% to 6%, claiming that the tax burden on this energy source threatens the survival of the sector.

Large energy consumers call for more support in the face of “unsustainable” prices. Credit line does not make operations “viable”

The Government recently launched a measure to help companies whose activity is heavily dependent on energy. The Portuguese Association of Industrial Large Energy Consumers (APIGCEE) stresses that, although all support measures are “welcome”, a credit line does not resolve the difficulties in maintaining the viability and profitability of operations in the current context.

Energy. Von der Leyen closes the door on budgetary rule flexibility

European Commission President Ursula von der Leyen rejected the possibility this Monday of activating flexibility in European budgetary rules as a way for governments to respond to the escalation in energy prices due to the war in Iran. “The conditions to activate alternative measures such as the general escape clause or the escape clauses...”

G7 to debate economic impact of the war next week in the US

Faced with the energy situation, many governments have implemented measures to limit the impact of supply difficulties and the sharp rise in energy prices.

Dombrovskis opens the door to a windfall tax on energy companies

The European Commissioner for Economy stated this Thursday that potential taxes on the windfall profits of energy companies, as requested by Portugal, could 'generate additional revenue', while warning of the 'profound economic uncertainty' related to the conflict in the Middle East. 'There are some discussions in some member states about windfall taxes, which, if implemented, could generate...'

Prices must be curbed!

The taxation of windfall profits for oil companies, requested by the governments of Portugal, Spain, Italy, Germany, and Austria from the European Commission, is presented as a response to the cost-of-living crisis. While the measure is understandable, it is insufficient and risks serving as a political alibi to avoid the real debate: price controls. Taxing profits does not lower fuel or grocery costs for struggling families and businesses. There is a clear contradiction: if governments acknowledge 'excessive profits,' they are admitting that prices are excessive, yet they refuse to discuss direct price controls. This issue, particularly regarding food and fuel, must be addressed to stop speculative margins. Beyond immediate relief, the crisis highlights Europe's structural dependence on fossil fuels and the need for a serious energy transition toward renewables and a more resilient, local economy.

5 PM. Strait of Hormuz is closed again

Following new Israeli attacks on Lebanon, Iran is once again blocking this important strait. Furthermore, the Government states that the evolution of the conflict in the Middle East is already impacting energy prices.

IL wants to suspend minimum ISP limits until the end of the year

The IL proposed this Wednesday the suspension of the minimum limits on the tax on petroleum and energy products (ISP) until December 31, arguing that the Government should be able to lower this tax without the brake currently provided for by law. The initiative comes as an amendment to the Government's proposal, which will be discussed and voted on...

Brussels considers ‘windfall tax’ request – pushed by Portugal – on energy firms

The European Commission has said it is analysing a request from Portugal, Germany, Spain, Italy and Austria to create a windfall tax on energy companies. “We have received the letter. The post Brussels considers ‘windfall tax’ request – pushed by Portugal – on energy firms appeared first on Portugal Resident.

From Iran to the petrol pump, we are paying the cost of failing to anticipate

Until a month ago, many viewed sustainability policies as 'wokeism', an ideological agenda detached from real economic and personal concerns. The impacts of the war in Iran, reflected in oil and gas prices, are shifting this perception. Sustainability is no longer just an environmental issue but a matter of sovereignty, where energy intersects with climate, economy, and security. We are now forced to accelerate a transition that could have been gradual, resulting in higher financial and political costs. The problem lies in a culture of decision-making that reacts rather than anticipates. While Portugal successfully invested in renewable electricity production, it failed to match that effort in usage infrastructure. The challenge now is to anticipate better, decide earlier, and communicate with clarity to avoid paying the price for delayed action.

“A windfall from heaven”: Deco accuses the Government of profiting from the crisis

Deco accuses the Government of proposing measures to the European Union that it does not implement domestically. The Finance Minister wants to tax the extraordinary profits of energy companies, but DECO claims that the State itself is making profits, for example, from the price of gas cylinders.

12h EU finance ministers call for a solidarity contribution on companies' windfall profits

EU finance ministers are requesting a solidarity contribution to be applied to the excess profits generated by energy companies.

Montenegro revives Costa's tax on extraordinary energy profits

The Government wants the European Commission to move forward again with an extraordinary tax on the excess profits of energy companies, reviving the logic of the European regulation approved in 2022 to respond to the shock caused at the time by the war in Ukraine. In a letter dated April 3, the Finance Ministers of Portugal, Germany, Italy, ...

Portugal among five EU countries calling for a windfall tax on energy companies

Joaquim Miranda Sarmento was one of five Finance Ministers to sign a letter requesting a tax on energy companies to mitigate the effects of the war on fuel prices.

Miranda Sarmento and four other EU ministers call for a windfall tax on energy company profits

Five European Union finance ministers are calling for the creation of a windfall tax on energy company profits in response to rising fuel prices caused by the war with Iran, according to a letter addressed to the European Commission and seen by Reuters. The finance ministers of Portugal, Germany, Italy, Spain, and Austria made this joint appeal in a letter dated Friday, April 3, to European Commissioner for Climate Action Wopke Hoekstra. They argue the measure would signal unity and ensure that those profiting from the consequences of the war contribute to easing the burden on the public. Oil and gas prices have soared since the start of US and Israeli attacks on Iran on February 28, creating a price shock similar to the 2022 energy crisis. The ministers are urging the Commission to develop a similar EU-wide instrument with a solid legal basis, though the letter does not specify the tax rate or the companies to be targeted.

Miranda Sarmento proposes European tax on extraordinary profits of energy companies

A joint letter sent by five countries to the European Commission, including Portugal, proposes repeating the 2022 formula with an extraordinary tax rate.

Iranian minister warns of risk of “end of life” in the Gulf after attack near nuclear plant

The Iranian Foreign Minister has warned that a potential nuclear incident following attacks on the Bushehr plant could have devastating regional consequences. Meanwhile, tensions escalate as the US searches for a missing crew member after an F-15 was shot down, and five EU finance ministers, including Portugal's Joaquim Miranda Sarmento, call for a windfall tax on energy companies due to rising fuel prices caused by the conflict.

The Prime Minister says the Portuguese are better off. He is right, some are: the shareholders of Galp, Jerónimo Martins, and Sonae

CNN Portugal commentator Margarida Davim highlights that Portugal was the European Union country where energy prices rose the most.

There are already places where the difference between Spain and Portugal is 50 cents for petrol. People do not understand

CNN Portugal commentator Rui Calafate warns the Government to improve communication with the Portuguese people during this phase of rising energy prices.

Energy regulator says current energy crisis is smaller than the one experienced in 2022

The president of ERSE said this Tuesday in parliament that the current energy crisis, caused by the US and Israel's war in Iran, still has a smaller dimension than the one experienced in 2022, when prices rose exponentially with the Russian invasion of Ukraine. 'We are experiencing an energy price crisis as if it were...'

CIP/ISEG barometer anticipates impact of Gulf conflict as early as the first quarter

The March 2026 CIP/ISEG Economic Situation Barometer predicts that the negative impact of the Persian Gulf conflict on the Portuguese economy will be felt in the first-quarter figures, potentially intensifying thereafter. Rising oil and natural gas prices are expected to reverse the downward inflation trend seen in late 2025, affecting energy-intensive sectors. Rafael Alves Rocha, Director-General of the CIP, notes that this new shock, combined with the aftermath of recent severe storms, threatens private consumption and export performance. The report highlights the urgency of direct support for companies facing rising energy costs and warns that potential interest rate hikes by the European Central Bank could further penalise households and businesses.

Energy crisis: BE compares Hormuz to the pandemic

The Left Bloc MEP wants income caps and a solidarity contribution. Brussels is already preparing measures to lower electricity prices this week.

António José Seguro warns of the effects of international instability on the Portuguese economy

The President of the Republic stated today that he is “naturally concerned” about the evolution of the international situation and the impact of the storms, and assured that the Government has been approving “the necessary support at each moment” for families and businesses.