TotalEnergies maintains the fuel price cap throughout 2024

TotalEnergies will extend the price cap for the fuel it sells at its gas stations in France for the whole of 2024, Economy and Finance Minister Bruno Le Maire said on RTL on Wednesday 18 October. Patrick Pouyanné, CEO of TotalEnergies, “is committed to maintaining this limit at 1.99 euros for all fuels throughout 2024,” he declared. “I welcome this commitment because it is about real protection,” added the minister.

Extraordinary tax on super profits

At the beginning of October, Patrick Pouyanné threatened to end this cap announced in September in the context of rising energy prices, if the exceptional tax on refining super profits is extended. This “temporary solidarity contribution”, which taxes oil companies’ profits at 33%, more than 20% more than the 2019-2021 average, has so far only brought in around €200 million to the state in 2023. The system will not be renewed in 2024.

When asked about a possible increase in energy prices, Bruno Le Maire said: “Everything will depend on what happens in the Middle East. If the crisis remains local, the consequences will be local. Today we see that the consequences are limited. If the conflict in the region expands tomorrow, you will naturally have much more serious consequences, especially on energy prices.

With Reuters (Bertrand Boucey and Nicolas Delame)

Selected for you

Leave a Comment