TotalEnergies SE will continue cutting fuel prices in France through January to ease diesel cost pressure, CEO Patrick Pouyanne said. The company will offer varying discounts on diesel and heating fuel from Nov. 1 to Jan. 31, targeting farmers, fishermen, and construction firms, with road diesel reduced by about 10 euro cents per liter. It is distributing part of the government's strategic diesel reserves as part of a broader effort to stabilize prices.
TotalEnergies has already spent roughly €500 million to cap prices at its French service stations, aiming to remain the cheapest retail network in the country, possibly beyond the crisis. The company gained market share due to its price cap policy, Pouyanne noted after a Paris meeting with government and fuel retailers.
The Group of Seven nations agreed to release up to 100 million barrels of diesel and crude from strategic reserves amid concerns over potential US diesel export restrictions. Global governments are responding to soaring fuel prices driven by Strait of Hormuz disruptions and attacks on Russian refineries.
Pouyanne also indicated TotalEnergies may face about €600 million in French corporate profit taxes in 2026 due to increased refining margins.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing