The French Prime Minister, Sébastien Lecornu, has announced that France will put 10 million barrels of diesel from its strategic reserves on the market, with the aim of lowering fuel costs. This decision is part of the G7's commitment, which a week ago announced the release of 100 million barrels, and comes as the government tries to respond to the wave of student protests that has spread across the country.
"Previous generations built these reserves to face situations of scarcity. We are going to use them in a new way to influence prices," he stated.
According to Lecornu's own calculations, this release will allow the price of diesel to drop between 0.12 and 0.18 euros per liter, as these barrels were purchased before the outbreak of the war. The measure is adopted in a scenario of significant price increases for fuels in recent months, with Brent trading above 100 dollars per barrel.
"Global prices will continue to evolve, as you know and can verify, but in this way we will be able to cushion part of the impact. Naturally, the volumes will be regulated to ensure our supply security, and operators will have up to a year to replenish their reserves. This measure gives us a breather to reduce a dependency that exposes us, crisis after crisis, to decisions made elsewhere," he explained.
Lecornu also emphasized that this intervention on the reserves will support the agricultural sector, especially hit by rising energy costs, while the government prepares new specific initiatives for professionals in the field.
In parallel, the Minister of Agriculture, Annie Genevard, has detailed that a zero-interest loan of up to 2 billion euros will be made available and a relief fund endowed with 21 million euros will be activated to alleviate the financial pressure that farmers are under.