The multinational energy corporation Galp, headquartered in Portugal, will raise its electricity and natural gas prices on April 15. Natural gas could rise by 3 euros and electricity could rise by 2 euros, according to CNN Portugal. Galp told CNN that the new prices reflect the cost to acquire energy in line with the price increases in the international market.
Energy prices are at an all-time high as governments face an energy crisis. The increase in prices is linked to the war in Ukraine, leading to prices ten times higher than those at the beginning of 2021, according to Publico.
The war in Ukraine and the economic sanctions in Russia have also led countries to the brink of a food crisis, including Portugal. Wheat prices have increased massively as Russia and Ukraine account for 30% of wheat exports globally. The price of bread is set to continue to rise exponentially in Portugal. Fertilizer prices are also at an all-time high without Russian exports, as well as due to the increase in natural gas price, an ingredient necessary to produce nitrogen-based fertilizers. Vehicle fuel continues to rise as well, as gasoline prices have already reached over 2 euros a liter in Portugal.
⬇️Please share your thoughts in the comments below ⬇️