TotalEnergies to Extend Gasoline Subsidy as Strikes Continue, French PM Says

By Pierre Bertrand

TotalEnergies SE will extend its gasoline discount into mid-November, French Prime Minister Elisabeth Borne said late Sunday, as strikes affecting the country's fuel depots strain gasoline supplies in the country.

Speaking to broadcaster TF1, France's Prime Minister said the French oil-and-gas major had assured her it will keep its 20 euro-cents a liter (19 U.S. cents) discount in place until mid-November. The French government will similarly extend its own subsidy of 30 cents a liter, she said.

The subsidy from TotalEnergies had been set to fall to 10 cents a liter from the beginning of the month. The company didn't immediately respond to a request for comment.

The decision comes as about 30% of gasoline stations in France face supply issues resulting from the weekslong strikes at depots and refineries, the PM said.

On Friday, TotalEnergies said it had reached a deal with the French Confederation of Management - General Confederation of Executives and the French Democratic Confederation of Labour unions, agreeing to an increase in salaries.

The General Confederation of Labor union, however, rejected Friday's proposal and called on its members to continue striking.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

October 17, 2022 04:08 ET (08:08 GMT)

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