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

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.