French Fuel Prices Dip Slightly But Stay Above Pre-Conflict Levels

As France heads into the summer vacation period, fuel prices are showing a slight decrease but still hover above levels seen before the recent Middle East conflict. This easing comes as oil prices decline, partly due to de-escalation in the region.

Official government data indicates that the average price for a liter of diesel fell to 1.8630 euros last week, a nearly stable figure over seven days but a significant drop of 45 cents since mid-April. This brings diesel prices to their lowest point since the conflict erupted. Gasoline prices have also seen a modest reduction, losing about one cent over the week. SP95 averaged 1.9211 euros per liter, SP95-E10 at 1.8734 euros, and SP98 at 1.9741 euros.

Despite these recent decreases, which offer some relief to drivers, the situation remains precarious. Crude oil prices have not fully recovered to pre-conflict levels, with Brent crude trading around $71.70 per barrel. Consequently, finished products like diesel and gasoline are still 19 to 21 cents more expensive per liter than they were before the Middle East tensions escalated. For comparison, diesel cost 1.59 euros per liter at the same time last year.

In response to ongoing consumer concerns, TotalEnergies has announced it will maintain its price cap at its rural service stations throughout the summer. Government officials urge patience, suggesting it will take time for the easing of tensions in the Strait of Hormuz to fully translate to pump prices across France. Patrick Pouyanné, CEO of TotalEnergies, estimates it could take another three to four months for the oil market to re-regulate.

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The barriers that were put up temporarily are very good. In the future, it needs to be permanent. A real guardrail with a solid structure would be the right solution. There are many parties, people are a bit drunk. There are many young people going out... A mistake can be made quickly.