Portugal launches fuel reference prices based on Argus

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Nov 18, 2014, 06:17 ET

LONDON, Nov. 18, 2014 /PRNewswire/ -- Portuguese fuel markets authority ENMC (Entidade Nacional para o Mercado dos Combustiveis) has launched a series of national reference prices for gasoline, diesel and LPG based on Argus assessments.

In order to encourage transparency in the pricing of these fuels, ENMC is publishing daily, weekly and monthly prices derived from Argus' fuels and freight assessments, with adjustments for local costs and conditions.

The prices were launched on 14 November and can be seen on the body's website www.enmc.pt. They are intended as a reference for Portuguese consumers and government, and to encourage the formation of final retail prices that are responsive to changes in international markets. They reflect the post tax price of fuels sold from storage in Lisbon and do not include distribution costs or retail margins.

"We are very pleased with the service from Argus, which will help us build a system to bring more transparency to the Portuguese market for gasoline, diesel and LPG," ENMC president Paulo Carmona said.

"We are delighted that ENMC has chosen to base its reference prices on Argus, in recognition of our clear methodology and benchmark status in European wholesale markets," Argus Media chairman and chief executive Adrian Binks said.

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About Argus Media (www.argusmedia.com)

Argus is an independent media organisation with almost 600 full time staff. It is headquartered in London and has offices in each of the world's principal commodity centres. Its main activities comprise publishing market reports containing price assessments, market commentary and news, and business intelligence reports that analyse market and industry trends.

More than half of Argus employees are commodity journalists who specialise in reporting news and price information relating to physical energy and related commodity markets. They operate according to a rigorous Editorial Code of Conduct and a compliance and ethics policy that align with best journalistic practice, including the avoidance of conflicts of interest.

Argus is a leading provider of data on prices and fundamentals, news, analysis, consultancy services and conferences for the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical, metals and transportation industries. Data provided by Argus are widely used for indexation of physical trade. Companies, governments and international agencies use Argus information for analysis and planning purposes.

Argus has 19 offices globally, including London, Houston, Washington, New York, Calgary, Rio de Janeiro, Singapore, Dubai, Beijing, Tokyo, Sydney, Moscow, Astana and other key centres of the commodity industries. Argus was founded in 1970 and is a privately held UK-registered company.