Portugal approved a temporary windfall tax on oil exploration and refining
companies at Thursday’s cabinet meeting, a government spokesman said. The levy
will target profit portions materially above recent averages. The move comes
amid fuel-price rises linked to the Iran war that have boosted producers’ and
refiners’ earnings. Proceeds will fund household and vulnerable-business
fuel-cost relief and investments to reduce Portugal’s reliance on fossil fuels.
Galp Energia shares fell up to 3.2% on the Lisbon market after the announcement.
