Galp will increase electricity and natural gas prices

Written By Lara Silva

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. 

Donate to the ICRC to help Ukraine

⬇️Please share your thoughts in the comments below ⬇️

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Follow Us

40FansLike
30FollowersFollow
28FollowersFollow
Booking.com

Most Popular

Guide to Taxes: The Tax System in Portugal

Looking to move to Portugal and wondering how to navigate the complexity of Portuguese taxes? You have probably heard that Portugal has some pretty...

23 Best Restaurants in Porto

Porto is one of our top favorite cities in Europe to visit - and eat in. The home town of francesinhas and port wine...

17 Fun Facts About Portugal That Will Shock You

Portugal is famous for its culturally rich history, Cristiano Ronaldo, Fado, as well as delicious wine and food, but there's so much most don't...

Latest Articles