According to Ravinaft news agency, TotalEnergies SE is working to lower pump prices in France during the oil crisis. Patrick Pouyanné, the CEO of the company, announced that this action is in line with cooperation with the government to distribute strategic diesel reserves to reduce consumer costs.
Reduction of Diesel and Heating Fuel Prices
From November 1 to January 31, TotalEnergies will reduce diesel and heating fuel prices. This price reduction includes a decrease of about 10 euro cents per liter of road diesel. This action will benefit customers such as farmers, fishermen, and construction companies.
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Distribution of Government Strategic Reserves
The CEO of TotalEnergies acknowledged that the company will distribute part of the government's strategic reserves. This comes as the company previously spent about 500 million euros (approximately 559 million dollars) to limit prices at its service stations in France. Pouyanné also added that the company intends to remain the cheapest retail network in France.
Consequences of the Global Crisis
The Group of Seven countries agreed to release up to 100 million barrels of diesel and crude oil from their strategic reserves, amid concerns about a potential diesel export ban by the United States. This comes as fuel prices have risen due to disruptions in flows from the Strait of Hormuz and attacks in Ukraine on Russian refineries.
As refining margins have increased, TotalEnergies may pay around 600 million euros in corporate profit tax in France by 2026.
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