TotalEnergies has announced a discount in fuel prices at highway stations in France for the summer holiday season.
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french oil major total energy On Thursday, Russia announced discounting fuel prices at highway stations nationwide for the summer holiday season, acknowledging “great tension” in energy markets after the war in Ukraine.
Under pressure from the French government to do more to help families amid the crisis of living, TotalEnergies Told It will offer a discount of 0.12 euros per liter ($0.13) on the fuel from July 1 to August 31.
This comes on top of the current government discount of 0.18 Euro per litre, with the total discount at Total Energy service stations being 0.30 Euro per litre.
The company said this equates to a savings of 15 euros for the 50-liter (13.2 gallon) tank. In Europe, a family car can typically have a 55-liter fuel tank.
TotalEnergies said in a statement, “For several months, rising energy costs have been driving up fuel prices and weighing on the purchasing power of people in France, especially those with low spending, who need a car. is inevitable.”
“In response, TotalEnergies is once again making a commitment to its customers in France with discounts this summer, which are expected to reach approximately 17 million people.”
Macron’s government has pressured TotalEnergies to do more to help families with rising energy bills.
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French President Emmanuel Macron’s government has pressured TotalEnergies to help households with rising energy bills at a time when rising inflation drives up the price of everything from food to fuel.
In a trend among the oil and gas giants following Russia’s invasion of Ukraine, TotalEnergies reported a sharp increase in quarterly profits due to rising commodity prices. This has prompted policymakers in Europe to intervene to tax their surplus cash.
Shares of Paris-listed TotalEnergies fell 1% during morning deals in London. The firm’s share price has climbed more than 14% year-over-year.
fear of supply shortage
The heads of France’s big energy companies on Sunday called on homes and businesses to immediately reduce their electricity consumption in response to Russia slashing Europe’s gas supply. according to Reuters,
The CEOs of Engie, EDF and TotalEnergies said it is important for consumers to collectively reduce consumption to prepare for an impending energy crisis.
The coordinated plea to reduce energy use comes soon after Germany announced that it wouldalert level“of its emergency gas plan. The decision means Europe’s largest economy now faces a high risk of long-term gas supply shortages amid a reduction in Russian flows.
Fears of a severe winter gas shortage in Europe are fueled by the risk of a complete supply disruption to the European Union – which receives about 40% of its gas via Russian pipelines.
The bloc is collectively seeking to sharply reduce its reliance on Russian hydrocarbons in response to the Kremlin’s months-long conflict.