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Friday, May 27, 2022

France allocates 2,000 million euros to mitigate the effects of high fuel prices

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The French government has announced a two billion euro aid package to support consumers suffering from high fuel prices by reducing the bill for filling up cars at service stations.
French Prime Minister Jean Castix announced on Saturday night that gasoline and diesel prices would be reduced by 15 cents per litre.

This reduction will be applied when drivers pay to fill their tanks at stations, and the state will then compensate station owners for the difference in price.

“This means that every time you buy 60 euros of fuel, you save about 9 euros,” Castix said.

With the price of a liter of petrol now exceeding 2 euros per litre, the French government is under pressure to reduce the impact on citizens and also to cut fuel taxes ahead of next month’s presidential election.

The basic costs of gasoline and diesel are linked to global oil markets, which have increased by almost 30% since the beginning of the year due to the increase in global demand and the invasion of Ukraine by Russia.

Last October, President Emmanuel Macron’s government announced a ceiling on gas and electricity prices until the end of 2022 and provided help for poor families to pay local energy bills.

Eight out of ten cars in France are owned by eight families, according to official statistics.

Opinion polls indicate that Macron is the candidate most likely to win the presidential elections that will take place on April 10 and 24.

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