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France's TotalEnergies to extend fuel price cap until 2024

The Local France
The Local France - [email protected]
France's TotalEnergies to extend fuel price cap until 2024
Fuel prices in August at a Total Energies petrol station in Faches-Thumesnil near Lille, northern France. (Photo by Sameer Al-DOUMY / AFP)

Oil and gas giant TotalEnergies announced on Tuesday morning that it would extend its fuel price cap of €1.99 per litre beyond the end of the year.

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TotalEnergies, the oil and gas giant that operates a third of France's service stations, announced on Tuesday morning that it would be extending its €1.99 per litre fuel price cap.

The cap means fuel at its filling stations cannot go over €1.99 per litre - at present the average price per litre for petrol is €1.96 and €1.92 for diesel.  

The extension will affect all of TotalEnergies' 3,400 French fuel stations, and it will remain in place "beyond the end of 2023, as long as prices remain high", according to a press release published by the oil and gas giant.

The price cap of €1.99 per litre for Sp-95, Sp-98 and diesel fuels was originally introduced in February 2023, and as of mid-September it was only in effect at 2,600 of TotalEnergies' stations, according to Le Monde.

TotalEnergies' decision to extend its price cap came after the minister of economy, Bruno Le Maire, called on fuel suppliers to "make an effort to show solidarity" in the face of rising prices.

The announcement came a few weeks after another one of France's other fuel suppliers, Intermarché, which operates 1,500 stations across the country, opted to sell fuel at cost price during the final weekend of August.

France's minister of environment, Agnès Pannier-Runacher, responded to TotalEnergies' announcement during an interview with French radio channel RMC on Tuesday morning. She told RMC that she expected there to be "more announcements to come" and that she was was in contact with other "major retailers, like Système U and Carrefour". 

Pannier-Runacher thanked TotalEnergies, adding that she "expects other fuel suppliers and distributors to do the same".

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This is not the first time TotalEnergies has aided motorists with the price of fuel. In 2022, the company joined the French government in offering fuel rebates directly at the pump, with discounts first amounting to €0.20 off the litre and later down to €0.10 off the litre.

Both the government rebate and the TotalEnergies rebate terminated at the end of 2022.

As of September 2023, the price of fuel had been on the rise in France, in part caused by production decreases in Saudi Arabia and Russia, according to reporting by TF1.

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