Fuel to be capped at €1.99 per litre at Total service stations in France
French energy giant TotalEnergies - which recently announced a €19 billion net profit for 2022 - is to introduce a price cap at all its fuel stations in France for the whole of 2023.
The head of TotalEnergies, Patrick Pouyanné, announced on Wednesday that the company will introduce a price cap at its filling stations so that petrol (gasoline) or diesel does not rise above €1.99 per litre for the rest of 2023.
Total accounts for about one third of all service stations in France.
"Not a single one of our service stations will display a price above €1.99", Pouyanné said on TF1.
The announcement comes just one day after French President Emmanuel Macron called on the oil and gas giant to "make a gesture", after recording a record €19.5 billion net profit in 2022, linked in large part to spiralling oil prices after the Russian invasion of Ukraine.
The CEO said he hoped the move would help to "protect all customers against prices becoming too high".
When will this go into effect?
The cap will be applied starting on February 25th at service stations on France's autoroutes, and then from March 1st at the rest of TotalEnergies' 3,400 stations across the country. The cap will also be put in place at Access and Elan stations.
The cap will not be applied to Excellium diesel or premium unleaded (sans plomb 98).
Similar to the fuel subsidy offered by TotalEnergies between September and December of 2022, it will simply be made available at the pump - meaning it is not means-tested.
In late 2022, TotalEnergies joined the French government in offering motorists fuel rebates directly at the station, regardless of the price of fuel. The Total discounts began at €0.20 off the litre, and ended with €0.10 off the litre.
Both the government rebate and the TotalEnergies rebate terminated at the end of 2022.
At the start of 2023, the French government put in place a new, targeted fuel aid intended to help motorists on low-incomes who rely on their vehicles to get to work. You can learn more about whether you qualify for this aid and how to claim it HERE.
READ MORE: How to claim the €100 fuel aid for motorists in France
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The head of TotalEnergies, Patrick Pouyanné, announced on Wednesday that the company will introduce a price cap at its filling stations so that petrol (gasoline) or diesel does not rise above €1.99 per litre for the rest of 2023.
Total accounts for about one third of all service stations in France.
"Not a single one of our service stations will display a price above €1.99", Pouyanné said on TF1.
The announcement comes just one day after French President Emmanuel Macron called on the oil and gas giant to "make a gesture", after recording a record €19.5 billion net profit in 2022, linked in large part to spiralling oil prices after the Russian invasion of Ukraine.
The CEO said he hoped the move would help to "protect all customers against prices becoming too high".
When will this go into effect?
The cap will be applied starting on February 25th at service stations on France's autoroutes, and then from March 1st at the rest of TotalEnergies' 3,400 stations across the country. The cap will also be put in place at Access and Elan stations.
The cap will not be applied to Excellium diesel or premium unleaded (sans plomb 98).
Similar to the fuel subsidy offered by TotalEnergies between September and December of 2022, it will simply be made available at the pump - meaning it is not means-tested.
In late 2022, TotalEnergies joined the French government in offering motorists fuel rebates directly at the station, regardless of the price of fuel. The Total discounts began at €0.20 off the litre, and ended with €0.10 off the litre.
Both the government rebate and the TotalEnergies rebate terminated at the end of 2022.
At the start of 2023, the French government put in place a new, targeted fuel aid intended to help motorists on low-incomes who rely on their vehicles to get to work. You can learn more about whether you qualify for this aid and how to claim it HERE.
READ MORE: How to claim the €100 fuel aid for motorists in France
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