TotalEnergies Extends French Gasoline and Diesel Price Caps Through June
TTE•TotalEnergies will maintain caps on gasoline and diesel prices at its French service stations through June after capping rates in March to shield consumers from crude price surges triggered by the Iran war. The company pledges to pass any material declines in international oil benchmarks directly to motorists.
1. Extension of Price Caps
TotalEnergies has extended its policy capping gasoline and diesel prices at all French service stations through the end of June. The move follows successive renewals of the caps in April and May after their initial launch in March to counteract crude oil price spikes.
2. Pass-Through Commitment
The energy major has committed to pass on any significant drops in international crude benchmarks to consumers, ensuring that motorists benefit from lower market rates as soon as prices decline materially.
3. Market Background and Financial Impact
The price caps were introduced after crude oil surges caused by the Iran war drove refining cracks to multi-year highs and prompted export restrictions. Despite the margin constraints, TotalEnergies reported a 29% rise in first-quarter earnings, boosted its interim dividend by 5.9%, and raised its share buyback to the top end of guidance.
