Additional information to be considered

• Gross margin means the difference between the reference prices and the selling prices;
• The reference prices are based on the international prices of the refined products, adding costs with biofuels incorporation and other operational costs of the Portuguese market;
• The reference prices methodology excludes the retail logistics, retail margins and the taxes (VAT) on both these components. Also, in the LPG, the costs with the acquisition and maintenance of the bottles is not included.
• The reference prices and the selling prices of LPG Auto public are disseminated daily by ENSE, from 27th June 2016, following a decision by all members of the National Fuel Council.
• The average selling prices for the four products are published by the Direção Geral de Energia e Geologia (DGEG), considering the discounts on the retail selling price. From 27th of June of 2016, selling prices for the four products are daily extracted from the Balcão Único da Energia of ENSE;
• Following the revocation of the biofuel’s incorporation target for gasoline, operated by Decree-Law no. 69/2016 of 3 November, it was necessary to amend the regulation on the methodology for calculating reference prices in order to adjust the calculation formula to the new legal reality in force. At the same time, and considering that the publication of reference prices has been used by public entities for price fixing, it was also necessary to change the formula for calculating the value of the CIF to consider the percentage of incorporation of biofuels. These amendments came into force with retroactivity on the first business day of May 2017;
• In 2021, and for the fulfillment of the national obligation, a percentage of incorporation in TE is set at 11% (in paragraph e) of no. 1 of article 11 of Decree-Law no. 117/2010 of 25 October, as amended by the Decree-Law no. 8/2021 ), thus representing, as 1st of January 2020, an increase in the value of incorporating biofuels that composes the reference price published by this entity.
• The reference prices of ENSE may occasionally be subject to adjustment after the day of its publication, as a result of one or more of its components (such as, for example, the international quotations of Argus, the incorporation of biofuel, the taxes in force, etc.) being updated. In this case, ENSE updates the prices published on this page of its website without changing the official values published, on the day in question, in its Daily Bulletin.

The information above stated do not replace the full read of the reference prices regulation (see regulation and the Decision of the Executive Boarder of ENSE).