Main premises to be considered

• The reference prices are calculated based on the international quotation figures of the refined products, considering also the costs with the incorporation of biofuels and the operational costs of the national market;
• The retail components are excluded from the reference prices, namely the distribution to the points of purchase, the trade margin, or the respective value-added tax. In the case of Butane LPG and Propane LPG the cost of the bottles is also excluded from the featured prices;
• The reference prices and the public sale prices of Autogas LPG began to be released daily by the ENMC starting on June 27th 2016, following a decision by all the members of the Conselho Nacional de Combustíveis /National Fuels Council (CNC);
• Following the revocation of the biofuel’s incorporation target for gasoline, operated by Decree-Law number 69/2016 of November 3rd, it was necessary to amend the regulation on the methodology for calculating reference prices in such a way as to adjust the calculation formula to the new legal reality in place. At the same time, and considering that the publication of reference prices has been used by public entities for the establishment of prices, it was also necessary to alter the formula for calculating the value of the CIF in order to now consider the percentage of incorporation of biofuels. These amendments came into effect retroactively on the first business day of the month of May 2017;
• In the year 2023, and in order to comply with the national obligation of targets for the incorporation of low-carbon fuels for transport, an incorporation rate in Energy Content (TE) of 11.5% is set on road fuel fuels in the consumption (point b) of paragraph 1 of article 8 of Decree-Law nº 84/2022 of December 9, thus representing, as of January 1, 2023, an increase in the percentage value of incorporation of biofuels that make up the reference price published by this entity;;
• The ENSE reference prices may occasionally suffer adjustments after the day they are published, as a result of updates occurring in one or more of its components (such as, for instance, the international quotations of Argus, the incorporation of biofuels, the taxes in effect, etc.). In that case, ENSE carries out an update of the prices published on the website, on this page; however, it does not change the official figures published on the day in question in its Daily Bulletin.

The main abovementioned premises do not replace the full reading of the regulation on the methodology for calculating reference prices (See Regulation and respective Decision by the ENSE Executive Board).