France releases 10 million barrels from strategic reserves, fuel prices fall

The French government’s decision to release 10 million barrels of oil from strategic reserves has led to lower fuel prices in the country.

Some of the sector’s major companies have announced they will lower prices at their filling stations, aiming to ease the financial burden on consumers.

On October 31, a liter of diesel in France cost an average of around 2.37 euros. After the announcement that strategic reserves would be used, several companies decided to offer lower prices.

TotalEnergies has lowered the price of diesel at its Access stations to 2.15 euros per liter, around 10 cents less than at the group’s other stations. The company said the measure is intended to pass the benefit of the strategic reserves on to customers without requiring them to wait for the reserves to physically arrive.

Meanwhile, supermarket chain E. Leclerc announced a 21-cent-per-liter price cut at approximately 742 stations across France. The company said the discount would be calculated daily and prices reviewed in response to market changes.

Coopérative U has also announced a 21-cent-per-liter price cut, joining efforts to limit the impact of high fuel costs.

The French government announced in mid-October that it would release 10 million barrels of oil from the national strategic reserves. The reserves had been secured before the war in the Middle East and are being sold at 0.28 euros per liter, while the average price in mid-October was 1.10 euros per liter.