France: Gasoline prices drop below 2 euros per liter

The price of SP95-E10 gasoline in France has dipped below the 2-euro per liter mark, settling at an average of 1.9762 euros last week. This represents a decrease of nearly 5 cents over the past seven days, offering some relief to consumers after a recent surge in fuel costs.

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The prices at the pump remain nevertheless largely above their most recent low point, reached between late June and early July thanks to the de-escalation observed at the time in the Middle East.

The fluctuations in fuel prices are closely tied to developments in the Middle East. Following a four-week increase triggered by the breakdown of the US-Iran ceasefire in early July, prices at the pump have now receded. This decline is attributed to a drop in oil prices at the beginning of last week, fueled by hopes for an agreement to reopen the Strait of Hormuz.

Brent crude oil prices, a global benchmark, fell significantly on August 3 and 4, reaching a low not seen since July 10. This decrease was directly linked to announcements regarding the resumption of talks between the US and Iran. However, oil prices have since rebounded to around $85 per barrel as divergent demands regarding the Strait of Hormuz's reopening have emerged.

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On Monday, August 3, the price of a barrel of Brent crude oil... had fallen by 4.73% to $83.77, under the effect of Donald Trump's announcement of a resumption of talks with Tehran.

Despite the recent downward trend, current fuel prices remain considerably higher than their recent low point, which was observed between late June and early July during a period of de-escalation in the Middle East. At that time, prices hovered around 1.86-1.87 euros per liter, still a far cry from pre-conflict levels of approximately 1.70 euros.

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The price of SP95-E10 gasoline has fallen back below the 2 euro mark on average (€1.9762), thanks to a decrease of its average price of 4.7 cents last week.