March 12 (Reuters) - TotalEnergies said on Thursday it would cap the price of petrol at 1.99 euros ($2.30) per liter and the price of diesel at 2.09 euros per liter in France. The company said in a
TotalEnergies caps oil prices for consumers amidst 'exceptional volatility'
TotalEnergies' Response to Market Volatility
Background and Announcement
March 12 (Reuters) - TotalEnergies said on Thursday it would cap the price of petrol at its service stations in mainland France as a result of "exceptional market volatility".
Global Oil Price Fluctuations
Oil prices have been on a rollercoaster ride ever since Iran closed the Strait of Hormuz following American and Israeli aerial strikes, especially straining economies and consumers in energy-import reliant regions such as Europe.
Details of the Price Cap
- Petrol capped at 1.99 euros per litre ($2.30)
- Diesel capped at 2.09 euros per litre
- Measures in place from March 13 until end of month
- Total will "reassess the situation on global oil markets in early April"
Additional Information
($1 = 0.8659 euros)
(Reporting by Jakob Van Calster; Editing by Matt Scuffham)
