France to release 10 million barrels of diesel over next three months, says Lecornu

French Prime Minister Sébastien Lecornu announced that France will release 10 million barrels of diesel from its strategic reserves over the next three months, a move the government says should reduce diesel prices by between 10 and 18 cents per litre.

How the measure is presented

Lecornu framed the release as targeted relief for households and drivers hit by high fuel costs. He underlined the government’s recent measures for motorists and said the energy voucher intended for the poorest households will be paid in January rather than in spring.

"When you live far from work, filling the tank significantly burdens your monthly budget. As you know, we have increased subsidies for high‑mileage drivers. The energy voucher will be paid in January, not in spring, for the most modest households," Lecornu said.

The prime minister acknowledged calls to cut taxes but warned that public finances remain strained after heavy pandemic spending. He noted that more than €70 billion was spent during the COVID‑19 pandemic to support the population and that national debt continues to rise.

On fiscal policy, Lecornu said the government’s objective is to reduce the public deficit to 5 percent. "Despite measures already taken, the deficit is projected at 5.5 percent. Our country is ageing, and our pension system is increasing accordingly. The budget we propose includes a recovery of €54 billion. Taking this decision with a fair distribution of the burden will allow us to plan for the whole country," he added.

Officials expect the diesel release to supply markets over the coming quarter and to ease pump prices for commuters and commercial transport, but analysts say the exact impact will depend on global oil prices and domestic tax settings.

Photo: press material from the event