Energy giant TotalEnergies has confirmed that its current fuel cap on petrol and diesel will last until at least the end of 2024.
The measure – which originally came into force earlier this year – has seen a €1.99 per litre cap placed on fuel sales at service stations run by TotalEnergies.
This equates to well over 3,000 locations across France.
Finance Minister Bruno Le Maire announced the measure yesterday (October 18), after extended negotiations between the government and TotalEnergies’ CEO Patrick Pouyanné.
“I welcome this commitment because it represents real protection,” said the minister after the announcement.
Measure in place regardless of world events
Fuel prices have been rising steadily since spring, leading to a host of measures aimed at helping motorists.
TotalEnergies’ fuel cap was originally slated to run until the end of 2023, before a later announcement said it would run into 2024, but with no confirmed end date.
Mr le Maire’s announcement confirms however, that the measure will be in place until at least the end of 2024.
The measure will apply to “all types of fuel (carburants)... at all service stations,” run by the company, he said.
Unlike certain other schemes – outlined below – the measure is a static one. Once prices rise above the €1.99 cap, it comes into force, and if prices drop once more below this level, the cost of fuel at the pump will drop alongside it.
When the cap was first announced, prices had not yet reached above €2 per litre, but since September prices have hovered around – or above – this margin.
There are fears that current tensions in the Middle East could see another price spike, either now or at some point in 2024.
TotalEnergies’ CEO Patrick Pouyanné had threatened to rescind the measure earlier this month, if the government levied higher taxes on refineries in France.
He has been persuaded, however, to not only keep the measure in place, but extended it definitively.
What other measures are in place?
Alongside the TotalEnergies fuel cap, a number of supermarkets announced they would sell fuel at cost price either permanently, or on certain weekends, until the end of 2023.
The supermarkets hope the loss in sales will be made up for by an increased number of drivers also doing their shopping when filling up at the pumps.
In addition, the government announced the €100 fuel aid for workers seen at the beginning of the year would return in 2024, under similar parameters.