Daily Briefing -- Monday, 23 March 2026

Fuel Prices Rise Again, But Government Cushions the Blow

Another Monday, another increase at the pump. Fuel prices rose again today, though the government intervened with an updated temporary ISP tax reduction: 3.2 cents per litre on diesel and 1.7 cents on unleaded petrol. The measure comes as Middle East tensions continue to push crude oil higher, with Brent hovering above elevated levels. Spain's more aggressive 30-cent tax cut has put added political pressure on Lisbon.

PTRR Public Consultation Closes

Today is the deadline for public submissions on the strategic priorities of the PTRR (Portugal Transformation, Recovery and Resilience Programme), the government's post-storm recovery plan. Created after the January-February tempests that killed 19 people and caused billions in damage, the programme has drawn criticism from municipalities who say they were not adequately consulted on project priorities.

Novo Banco Shareholders Approve Record Year

Shareholders of Novo Banco meet today in general assembly to approve the bank's 2025 accounts — its final year before French group BPCE took full ownership. The bank posted a record net profit of 828 million euros, up 11 percent, driven by strong commission income, bond sales, and reduced provisioning needs.

INE to Release Q4 2025 Housing Price Index

The National Statistics Institute publishes its housing price index for the fourth quarter of 2025 today. The previous reading showed prices up 17.7 percent year-on-year in Q3, marking the third consecutive quarterly record. With mortgage rates continuing a slow decline — the average rate fell to 3.079 percent in February — demand pressure shows no sign of easing.

Portugal's Athletics Team Makes History at Indoor Worlds

Portugal enjoyed its best-ever World Indoor Athletics Championships in Torun, Poland over the weekend. Agate de Sousa won gold in the women's long jump with a leap of 6.92 metres. The men's 4x400m relay team (Pedro Afonso, Ericsson Tavares, Omar Elkhatib, and Joao Coelho) set a new national record of 3:04.75, qualifying for the final. Isaac Nader and Gerson Balde also reached the podium in their events.

OECD Global Anti-Corruption Forum Opens in Paris

The 2026 OECD Global Anti-Corruption and Integrity Forum kicks off today in Paris under the theme "The Integrity Advantage — Driving Competitiveness and Prosperity." Running through March 27, the forum examines the economic cost of corruption — an issue that has gained renewed salience in Portugal following several high-profile cases in recent years.

Portugal 2030 Execution Under Pressure

The president of Portugal's Agency for Development and Cohesion admitted she is "not at ease" with the execution rate of the Portugal 2030 EU funding programme. The target for this year is six billion euros in cumulative spending, but only 3.66 billion had been executed through February. With no mid-term reprogramming available in 2026, authorities face a strict N+3 deadline that could see funds returned to Brussels if targets are missed.