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

214FansLike
79FollowersFollow
103FollowersFollow
Booking.com

Most Popular

Monsanto, Portugal – The idyllic scenery for House of the Dragon

Accustomed to the silence and tranquility typical of the Portuguese countryside, a small village in the Beira Baixa region, where the granite hills and...

Cost of Living in Portimao: Portimao Monthly Budget

Located in the Algarve in southern Portugal, Portimao is the best of both worlds - warm weather with affordable living. The city also offers...

Guide to World Youth Day Lisbon 2023

World Youth Day Lisbon 2023, known as the Jornada Mundia da Juventude or JMJ in Portuguese, takes place in the Portuguese capital this year...

Latest Articles