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French shipping, oil groups cut prices under government pressure

PARIS (AFP) – French oil group TotalEnergies and shipping giant CMA CGM announced price cuts yesterday as demanded by the government amid growing calls for windfall taxes on their profits.

TotalEnergies said it would cut diesel and petrol prices at the pump by EUR0.20 from September to November and EUR0.10 thereafter.

CMA CGM published a reduction in its transport prices “to support the purchasing power of French households and the economy”. French Economy Minister Bruno Le Maire had singled out both companies in an interview with Le Monde newspaper on Wednesday, calling on them to “make an effort”.

He has resisted calls from members of the ruling centrist party, as well as left-wing opposition parties, to impose windfall taxes on their profits. “We shouldn’t fall into a sort of intellectual fraud which suggests that every French company has profited from the crisis,” he told the newspaper.

Nozzles at a gas station in Ajaccio on the French Mediterranean island of Corsica. PHOTO: AFP