France taps strategic diesel reserves, diesel prices fall
Several fuel retailers announce lower pump prices after drawing on strategic reserves. Prices will still track markets but volumes from these reserves will help offset rises.
On October 31, 2022, France's diesel prices experienced a significant drop, averaging 2.37 euros per litre. TotalEnergies access stations had already reduced their prices to 2.15 euros per litre, 10 cents lower than their other stations. This price cut was made without waiting for the physical delivery of strategic diesel stocks and aimed to allow customers to benefit from these stocks at their historic cost.
Retail giant E. Leclerc followed suit, cutting the price of diesel by 21 cents per litre at its approximately 742 service stations across France. This reduction will be applied daily, with the price continuing to fluctuate according to market conditions. Similarly, Coopérative U, another major retail group, announced an identical cut.
In late October, the French government revealed plans to release ten million barrels of diesel from strategic reserves. These reserves had been purchased prior to the Middle East war and are now being sold at a much lower price of 0.28 euros per litre, compared to the average of 1.1 euros per litre seen in mid-October.
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