Galp president CNN to Portugal: ‘Yes, we make money and war has raised prices’

“The energy market is in a turmoil I’ve never seen in my 35-year career. But yes, we are making money and the war has raised prices, ”admits Andy Brown, CEO of Galpin in an exclusive interview with CNN Portugal.

However, the official argues that Galp’s earnings growth is not to be found in the fuel price margin, but in other activities such as refining. “We benefit from higher prices where we produce oil,” he says.

“It simply came to our notice then [dos combustíveis] opportunistically. We don’t do that, we don’t do that, ”he says. In fact, he stresses, “we have a competitive open market in Portugal.”

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Fuel prices have been on the rise in recent months, especially since Russia’s invasion of Ukraine began on 24 February. Since then, and after several ups and downs, oil has risen about 14% in the international market. Fuel sales prices in Portugal rose by 13% for diesel and 8% for petrol.

Yesterday, Tuesday, April 19, a liter of simple diesel cost mainland Portugal an average of 1,886 euros, 22.6 cents more than on February 23, the eve of the attack. A liter of 95 liters of petrol cost 1,957 euros, 14 cents more than on February 23rd.

The oil was already trading in the Brent index for about 108 euros a barrel this Tuesday morning, when it was about $ 95 on February 23rd.

In an exclusive interview with CNN Portugal, published in several videos you can see through this Wednesday, Andy Brown explains his vision for business and perspective on energy market developments.

Watch the video.

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