SP95-E10 Hits 2 Euros Per Liter in France as Oil Prices Surge

SP95-E10 — unleaded 95 gasoline blended with 10% ethanol — crossed the symbolic threshold of 2 euros per liter in mainland France on Wednesday, according to an average calculated by AFP based on price data from 7,289 service stations reported to the government. This level is close to records observed in summer 2022, following Russia's invasion of Ukraine. The recent easing in oil markets has not yet been enough to reverse the trend at the pump.

Up 28 Cents Since Late February

Since February 27, the eve of the first Israeli-American strikes on Iran, SP95-E10 has gained 28 cents per liter in mainland France, a rise of 16.26%. At 11:00 a.m. Wednesday, the average price stood at 2.000 euros per liter. Washington's extension of the Iranian ultimatum had contributed to keeping crude prices elevated, sustaining upward pressure at the pump.

Diesel, the most widely used fuel in France, had already crossed the 2-euro mark on March 9. It averaged 2.255 euros per liter at 11:00 a.m. Wednesday, based on data from 8,801 service stations. The previous week, its weekly average price had set an all-time record since 1985, surpassing the highs reached after Russia's invasion of Ukraine in 2022.

Government Rules Out Tax Relief

Energy Minister and government spokeswoman Maud Bregeon stated on TF1 on Wednesday that there was "no risk of supply disruption" at service stations, while acknowledging that "less than 10%" were experiencing a "total or partial" shortage. The government has so far refused to reduce fuel taxes, citing the need to keep the public deficit at 5% of gross domestic product (GDP) this year.

Targeted support measures have nonetheless been granted to the most exposed sectors — fishing, agriculture, and transport — totaling nearly 70 million euros per month, potentially renewable. These measures aim to ease cash-flow difficulties without reducing the overall tax burden on fuels.