Thursday, October 28

France May Step In to Protect Motorists From Rising Oil Prices

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(Bloomberg) — The French government may step in to protect households if gasoline and diesel prices keep soaring, Finance Minister Bruno Le Maire said.

European governments are under pressure from consumers and businesses to allay a jump in energy costs caused by a gas crunch. France already announced a temporary freeze in regulated gas prices for households and a tax cut on electricity bills.

“We must leave all doors open, and always react when necessary, and when we need to temporarily protect the purchasing power of the French,” Le Maire said on RTL radio Wednesday, when asked if the government might cut taxes on gasoline and diesel. “We’re ready” to step in to contain gasoline and diesel prices “if they keep soaring.”

“Our direction must remain the ecological transition, and measures supporting fossil energies must be there only to protect the French,” Le Maire added. “On transport, it can be only the last resort.”

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