France will release 10 million barrels of diesel from its strategic reserves to ease rising fuel prices, Prime Minister Sébastien Lecornu has announced.
Lecornu said on Wednesday that the reserves would be made available to fuel distributors across the country in a move expected to reduce diesel prices at filling stations by between 12 and 18 euro cents per litre.
He said he would soon sign a decree authorising the release, which is expected to run for three months.
The intervention comes amid rising fuel costs driven by the conflict in the Middle East and disruptions to shipping through the Strait of Hormuz, a major route for global oil and energy supplies.
Lecornu also urged France’s state-owned electricity utility, EDF, to maximise its production capacity to prevent electricity prices from rising during the winter.
According to French television channel TF1, the average price of diesel stood at €2.35 ($2.63) per litre on Tuesday, while SP95-E10 petrol, the country’s most widely sold gasoline, averaged €2.14 per litre.
The French government’s intervention comes as concerns grow across Europe over the availability and affordability of petroleum products ahead of the colder months.
Slovak Prime Minister Robert Fico warned on Wednesday that Europe was facing serious challenges in oil and fuel supplies, with the energy market likely to come under significant pressure during autumn and winter.
Fico attributed the difficulties to several factors, including the conflict involving Iran and the United States and declining refining capacity in Europe.
He noted that some European countries that previously exported petroleum products had increasingly become dependent on imports, worsening supply pressures.
Fico said the shortage of diesel was particularly concerning and could push prices higher across the continent.
He argued that individual measures by European Union member states would not be sufficient to resolve the problem, urging leaders to develop a coordinated response at the forthcoming EU summit.
Diesel prices have remained elevated across Europe, while concerns over a possible US ban on diesel exports have added to uncertainty surrounding the region’s energy supplies.
European Commission President Ursula von der Leyen also identified energy prices and possible measures to contain the increases as key issues for discussion at the EU summit.
In a social media post on Wednesday, von der Leyen said European leaders would consider how to address the impact of rising energy costs.
France’s planned release of diesel reserves is aimed at providing short-term relief to consumers and distributors as governments across Europe seek ways to manage market volatility and protect households and businesses from higher energy bills.
