France Presses EU Refinery Probe as Fuel Retailers Reject Margin Cap Plan

Overview

• France circulated a draft decree to cap service‑station margins, which the five largest distributors called unjust, inapplicable and illegal in a letter to the prime minister.
• Paris asked the European Commission to examine refinery pricing, citing figures that Brent refining margins jumped to about €192.68 per tonne in late March from roughly €36.66 early in the year.
• Pump prices remain far above pre‑crisis levels, with diesel averaging a little over €2.30 per liter and gasoline near €2.00 after increases of about 34% and 15% since late February.
• Jet fuel has surged to roughly $1,700–$1,900 per tonne, prompting fare hikes at Air France and Transavia and cancellations by Volotea and SAS, while industry groups warn of possible supply tightness into the summer.
• Consumer advocates and sectors such as construction urged stronger relief, as UFC‑Que Choisir criticized the cap plan, distributors argued their net margins are small, and comparisons with Spain, Italy and Germany’s tax cuts intensified political pressure.