2023-09-12 16:18:30
Totalenergies (formerly Total) has announced a continuation of its fuel price cap. As the French energy company announced on Tuesday, it would charge a maximum of 1.99 euros for a liter of petrol and diesel beyond the turn of the year.
This applies to all fuel types with the exception of premium products such as Excellium, i.e. for Diesel B7 and Diesel B10 through Super E10 and Super E5 to Superethanol E85. Previously, this cap only applied until the end of the year. Last week, Totalenergies boss Patrick Pouyanné was open to an extension. The offer does not apply to Totalenergies’ German gas stations, but is limited to around 3,400 French locations.
The group is following the urging of France’s Finance and Economics Minister Bruno Le Maire. Last week, in view of the high fuel prices, he explicitly called on Totalenergies to make a “gesture” and to continue the fuel price cap. A liter of Super E10 currently costs an average of 1.95 euros in France, a liter of diesel 1.92 euros. Depending on the time of day and location, it has often been significantly more than 2 euros at many gas stations in recent weeks.
Currently three out of four gas stations affected
However, Totalenergies, the market leader in French fuel sales with a share of around 25 percent, kept its promise and charged a maximum of 1.99 euros. Most recently there was talk of reduced income due to the discount campaign in the three-digit million range. Totalenergies achieved a net profit of around 9 billion euros in the first half of the year.
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According to the company, the price is currently capped at almost 2,600 gas stations, i.e. at three out of four across the country. The measure was introduced in February. There had already been various discount campaigns – also under pressure from the French government – including last year 20 cents per liter of fuel in addition to the state refueling discount for everyone of up to 30 cents.
In view of the increased fuel prices, there had been repeated discussions about its reintroduction, and demands had been made especially from the ranks of the bourgeois Republicans. Finance and Economics Minister Le Maire is against it. That doesn’t make sense ecologically and is also very expensive. The 30 cent discount cost the state around 12 billion euros last year. This was replaced by a “fuel allowance” of 100 euros for the approximately ten million lowest-income citizens on January 1st.
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