TotalEnergies will keep its fuel price caps across all its services stations in France through June amid the ongoing crisis in the Middle East, the French supermajor said on Wednesday.
TotalEnergies first announced in March caps on the price of gasoline and diesel it sells at its French stations as international crude oil prices soared after the Iran war began. Since then, the company has extended the price cap policy for April and May, and is now extending it through the end of June.
TotalEnergies vows to pass on to customers any declines in international oil prices if these drop materially from current levels, the energy major said.
Early this month, TotalEnergies said it would keep its fuel prices in France capped for as long as the Middle East crisis lasts, extending the policy first introduced two weeks into the conflict.
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TotalEnergies is capping the price of gasoline and diesel at its stations in France to protect consumers from the “exceptional market volatility” since the beginning of the war in the Middle East, the French energy major said in early March, when the conflict was not expected to last this long.
Gasoline and diesel prices have soared globally in recent weeks as the blockage at the Strait of Hormuz sent refining cracks to multi-year highs, refineries in the Gulf were shut due to drone strikes, and Asian countries restricted or outright banned exports of fuels to protect their domestic supply amid the uncertainty about the next crude delivery to refineries.
At the end of last month, TotalEnergies raised its interim dividend by 5.9% and boosted the share buyback program to the high end of the guided range after posting a 29% jump in first-quarter earnings from a year earlier, pushed up by the spike in oil prices and very strong oil trading results in the wake of the Iran war.
By Michael Kern for Oilprice.com
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