PARIS – French energy company TotalEnergies announced on Tuesday that it would continue capping oil prices at the level of €1.99 (US$2.13) per litre at its gas stations in France beyond 2023 amid inflation pressure in the country, Sputnik reported.
“TotalEnergies announces that the limit of €1.99 per litre will be extended after the end of 2023 while prices remain high,” the company said in a statement.
The French energy giant added that the limit on fuel prices was now in effect at about 2,600 out of its 3,400 gas stations in France.
In February 2022, the French authorities urged TotalEnergies to reduce the price of car fuel sold at its gas stations to lower living costs for citizens and boost their purchasing power. The oil and gas giant’s CEO, Patrick Pouyanne, said the company was ready to sell fuel at reduced prices again if the price of gasoline exceeded €2 per litre.
The European Union has been facing inflation and a massive energy crisis as part of the post-pandemic global economic recession. The situation has further exacerbated against the backdrop of the Ukraine crisis as hostilities and Western sanctions against Moscow have led to disruptions of supply chains and resulted in a spike in energy prices worldwide.
The Bank of France has predicted that inflation in the country will peak in the first half of 2023, after which it will gradually slow down and reach around 2 per cent by the end of 2024.- Bernama
