“We ask Total to be exemplary”: the government demands a drop in the price of diesel after the destocking of barrels

The government is putting pressure on TotalEnergies. The spokesperson for the executive and Minister of Energy Maud Bregeon asked the French giant on Thursday to be “exemplary” and to “pass on the advantage” of the release of the strategic stock of diesel, speaking to BFMTV/RMC.

“We ask Total to be exemplary. We are asking Total to pass on, once again, downwards, the advantage of the release of barrels, to continue its capping as much as necessary, as long as this crisis continues,” she declared while the oil and gas group announced on Thursday a record net profit in the third quarter of 8.3 billion dollars, a result boosted by the surge in hydrocarbon prices.

The surge in fuel prices, due to increased geopolitical tensions, has led the government to draw on France's strategic stocks, purchased before the war in the Middle East at 0.28 euros per liter, significantly less than the current market price of around 1.10 euros per liter, according to Matignon. Sébastien Lecornu assured in mid-October that this destocking would allow, from November 1, a drop in diesel prices of 12 to 18 cents for consumers. The CEO of TotalEnergies Patrick Pouyanné reacted by estimating the drop in prices passed on by his group would rather be of the order of “8 to 12” cents. He added that TotalEnergies would maintain a price cap of 2.25 euros per liter of diesel for individuals.

“It would be wrong to sink into “Total Bashing””

Questioned on Thursday about the record profits of TotalEnergies, accused in particular by LFI of being "a war profiteer", Maud Bregeon was delighted that the country benefits from "a major oil major in a crisis such as the one we are going through", assuring "that it would be wrong to sink into 'Total Bashing'" - thus repeating the government's message for several months.

So that no link in the distribution chain “can make a difference” in this destocking, according to Maud Bregeon, a decree published in the Official Journal on Thursday requires distributors who benefit from it to pass on the effect on their prices and above all, to clearly inform consumers of the amount of this reduction. The government will also ensure that “all stations can benefit from it, including more isolated stations, independent stations in rural areas”, according to Maud Bregeon. “We will do the checks and verifications” from “Monday morning,” she said.