The Fonte das Oliveiras was not always at Largo Alberto Pimentel.
The fountain was built in 1718 to make use of the waters of the springs that existed near the Rua das Oliveiras. In 1823, when the waters of the aqueduct of Paranhos were diverted, the source underwent a small remodelling. The fact that it was much sought after and that people occupied the streets while they waited to fill their jugs, influenced the decision to move it to a quieter place.
In 1866 it was dismantled and would be rebuilt in 1879 in the Largo Alberto Pimentel, where it is still present. It is set against a nineteenth-century building, with its facade tiled. In 1941 it was cleaned and restored.
The fountain is composed of a back and a central pillar. The only decoration is a shell that surrounds a dolphin, which works as a spout. The tank is also quite simple.