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French supermajor TotalEnergies will lower fuel prices at all its service stations in France from September 1 until the end of the year to support the eroding purchasing power of French households.
From September 1 to November 1, TotalEnergies will lower its petroleum fuel prices sold in service stations by 0.20 euro ($0.20) per liter compared to global market quotation prices, followed by a 0.10 euro/liter reduction from November 1 to December 31, the French supermajor said in a statement on Friday.
These price reductions, which complement the government measures, will apply from the first liter purchased, with no limit on amounts, for all petroleum fuel sold in service stations, the company said, noting that the fuel-reduction program was designed “to meet the expectations of French people affected by the increase in energy prices and the impact on their purchasing power.”
Some of TotalEnergies refineries in France faced losses of more than $1 billion (1 billion euro) during Covid in 2020 and 2021, “for which TotalEnergies did not request any government support and which are more than offset by the current favourable environment”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“With this large-scale price reduction programme in our service stations, we are hopeful that this long-term commitment will be recognised both by our customers and at the national level,” Pouyanné added.
Oil companies and refiners globally, including in the United States, have come under government pressure in recent weeks to lower prices at the pump. High fuel prices are eroding people’s purchasing power and have already started to weaken gasoline demand.
France-based shipping giant CMA CGM on Friday also announced a reduction in freight rates “to support the purchasing power of French households and the economy.”
CMA CGM is cutting shipping fees by $762 (750 euro) per container for imports to France from Asia.
By Charles Kennedy for Oilprice.com
Charles is a writer for Oilprice.com