Fuel prices start to fall in France but is this happening fast enough?
Government wants consumers to benefit from price reductions without delay
Fuel prices have fallen below €2 per litre for the first time since early March
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Fuel prices have started to gradually fall, with President Emmanuel Macron expressing optimism that a further decrease could be possible as tensions in the Middle East ease and progress is made towards reopening the Strait of Hormuz.
Following the announcement of an agreement between the United States and Iran, a signing ceremony is scheduled for Friday in Geneva, though details of the agreement have not been fully disclosed.
However, President Macron explained that even if the Strait reopens, it would take several weeks for global supply chains to fully adjust before the impact is seen at the pump. This is because fuel prices typically follow changes in oil markets with a delay due to logistics, stock levels, and distribution contracts.
Even so, earlier this week fuel prices already fell below €2 per litre for the first time since early March, with diesel averaging €1.9931. This represents a decrease of around 31 cents compared with the peak recorded in April.
The government provides a fuel price comparison service so you can check prices near you.
As the government seeks to accelerate the pass-through of falling oil prices to consumers, Public Accounts Minister David Amiel said that it would be “unacceptable for this to last for weeks and weeks” after the agreement, referring to delays in price reductions reaching motorists.
He added that discussions with fuel distributors were aimed at ensuring pump prices adjust “as quickly as possible”, reports France 2.
Despite the recent falls prices remain above pre-crisis levels.
