A Different Approach from European Neighbours

Germany, Poland and Spain have cut fuel taxes. France chose another route to counter the price surge linked to the war in Iran and tensions in the Strait of Hormuz: releasing part of its diesel reserves onto the market. Diesel hit peaks above €2.40 per litre and stood at €2.361 nationally on 31 October, against €2.094 for SP95-E10.

The Mechanism: Stock Bought Before the Spike

The scheme makes ten million barrels available to distributors, pro rata to their 2025 market share and over three months. This diesel was purchased before prices soared and is being sold at cost. The gap between this historical cost and the market price therefore delivers a mechanical drop at the pump — provided distributors pass it on.

Fast Transmission at the Major Networks

They did. TotalEnergies has sold its diesel at €2.15 per litre since 31 October across 705 Access network stations, representing 60% of its fuel sales, without waiting for physical delivery of the stocks. The group plans to extend the advantage to other non-motorway stations from 2 November, depending on market developments. Leclerc has applied a 21-cent-per-litre discount at its 742 stations since 1 November, saving roughly €10.50 on a 50-litre fill-up. Price readings in Seine-Saint-Denis and Hauts-de-Seine already show numerous Total stations at €2.15, against a national average of €2.325.

The Limits of the Scheme

The decline remains capped. TotalEnergies maintains a €2.25 ceiling across its network and does not plan to go back below €2. The mechanism covers three months and does not address the cause of the shock: tensions on international diesel markets.

Availability is also a concern. On 1 November, 13% of stations were flagged as struggling nationally, including 9% with diesel outages. Petrol is harder hit: 31% outages for SP95 and 19% for SP98. In Hauts-de-Seine, 82% of stations are out of SP95.

The political context also weighs. TotalEnergies posted a profit of more than $8 billion in the third quarter of 2026, driven by the surge in hydrocarbons. The government has mandated clear price display at distributors and called on the group to set an example. The targeted rebates announced go in the same direction: €200 per cubic metre for domestic heating oil, 20 cents per litre for non-road diesel and fishing diesel.

Two elements are missing for a complete assessment: the budgetary cost of the stock release and the exact share of the price drop attributable to it. The regulatory monitoring associated with this file could not, moreover, be exploited.

A Shock Absorber, Not a Solution

The stock release shows that a state can turn a strategic reserve into a fast price lever without touching taxation. Its effectiveness will depend on how the diesel market evolves and on the end of the three-month period. At this stage, it acts as a temporary shock absorber.

This article was written with the assistance of artificial intelligence and verified by our editorial team.