France diesel strategic reserves fuel price cuts, Digi Mart USA News: Several French fuel retailers are announcing lower pump prices after drawing on their strategic reserves. According to the report, prices will continue to follow market movements, but volumes from these reserves will help offset increases.
On average in France, diesel sold on Saturday, October 31 for about 2.37 euros per liter. Access stations operated by TotalEnergies were already below that average, with a price reduced to 2.15 euros per liter, or 10 cents less than at the group’s other stations.
TotalEnergies said it decided on the price reduction “without waiting for the physical delivery of strategic diesel stocks, so that its customers can benefit from access to these stocks at their historic cost.”
The supermarket chain E. Leclerc is following suit, announcing a reduction of 21 cents per liter of diesel sold at its roughly 742 service stations in France.
According to E. Leclerc, the 21-cent reduction will be deducted from the price daily, and the price will continue to fluctuate with market prices.
The other major retail group, Coopérative U, will offer an identical reduction.
In mid-October, the government announced the release of ten million barrels of diesel from strategic stocks. These volumes had been purchased before the war in the Middle East and are being sold at 0.28 euro per liter, compared with an average of 1.1 euros per liter in mid-October.
