TotalEnergies Caps Fuel Prices in France

TotalEnergies announced on Thursday that it will cap petrol and diesel prices at its service stations across mainland France, effective from March 13 until the end of the month. This decision, driven by "exceptional market volatility" in global oil markets, follows recent aerial strikes and the closure of the Strait of Hormuz, which have significantly impacted energy-import reliant regions like Europe. Petrol prices will be capped at 1.99 euros per litre ($2.30), and diesel at 2.09 euros per litre.

The company plans to reassess the market situation in early April. This measure aims to mitigate the impact of fluctuating oil prices on consumers in France, a country heavily reliant on energy imports. The global oil market has experienced significant instability, particularly after recent geopolitical events involving Iran, the United States, and Israel.