TotalEnergies Extends Fuel Price Cap in France Until June

en.Wedoany.com Reported - TotalEnergies announced on Wednesday that the French oil company will extend its price cap policy across all its service stations in France until June, a decision made against the backdrop of ongoing tensions in the Middle East.

The company first implemented price caps on gasoline and diesel at its French service stations in March this year, when war broke out in Iran and international crude oil prices surged significantly. Since then, the cap measure has been extended successively to April and May, and now once again until the end of June.

The energy group stated that if international oil prices fall significantly from current levels, it will pass the corresponding price reductions back to consumers.

Earlier this month, TotalEnergies indicated that it would maintain the fuel price cap in France as long as the Middle East crisis persists, meaning this policy, which began in the second week after the conflict erupted, will continue for an extended period.

The company noted in early March that setting a price cap at French service stations was to protect consumers from the "exceptional market volatility" since the outbreak of war in the Middle East, a conflict that was not expected to last this long at the time.

In recent weeks, global gasoline and diesel prices have continued to climb, driven by the blockade of the Strait of Hormuz, which pushed refining crack spreads to multi-year highs; some Asian countries restricting or even banning fuel exports to secure domestic supply; and refineries facing uncertainty over their next crude oil deliveries.

At the end of last month, TotalEnergies announced a 5.9% increase in its interim dividend and raised its share buyback program to the upper end of its previously guided range. The move came after the company's first-quarter profit grew 29% year-on-year, primarily driven by higher oil prices following the Iran situation and exceptionally strong oil trading performance.

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