Fuel prices have been on the rise in recent days. The two best-selling fuels in France, diesel and SP95-E10, have seen their prices rise as indicated by the weekly report from the Ministry of Ecological Transition.
The lull was only short-lived. While government aid of 18 cents is still in place, the prices of the two best-selling fuels in the territory, diesel and SP95-E10, are now flirting again with the threshold of €2 per litre.
According to the latest figures from the Ministry of Ecological Transition published on Monday May 9, prices in petrol stations resumed an upward trend in week 18, from April 30 to May 6.
+ 6 cents on average
On average, both fuels increased these by an average of 6 cents. The average price of a liter of diesel was €1.944 per litre, up 6.1 cents compared to the previous week. The SP95-E10, experienced a similar increase of 6.3 cents and its average price was €1.823 per litre.
A new increase to come?
This new increase in fuel prices comes confirm market tensions oil exacerbated by the latest EU sanctions on Russia. The leaders of the G7 countries meeting by videoconference on Sunday at the initiative of US President Joe Biden announced that they had agreed to impose new sanctions on Moscow, in particular by banning or phasing out their imports of Russian oil.
In a joint statement, the leaders of the G7 denounce the “unprovoked war of aggression” launched by Russian President Vladimir Putin and reaffirm their full support for Ukraine, whose President Volodimir Zelensky had been invited to participate in their exchanges.
“The actions of the Russian President bring dishonor to Russia and the historic sacrifices of its people,” the G7 leaders say.
“By this invasion and by its actions in Ukraine since 2014, Russia has violated the international order based on the rule of law, in particular the Charter of the United Nations, drafted at the end of the Second World War in order to protect the generations to come from the scourge of war,” they add.
To accentuate the cost of the war for “President Putin’s regime”, the leaders of the G7 undertake to collectively take a series of measures intended to further isolate Moscow on the international scene.
“We are committed to phasing out our dependence on Russian energy, including phasing out or banning the import of Russian oil. We will ensure that we do this in a timely and orderly manner, allowing time the world to find other sources of energy”, say the leaders of the seven most developed economies.
The G7 also pledges to “prohibit or prevent the provision of key services on which Russia depends”, as well as to continue to take sanctions against “Russian banks connected to the global economy and which are of vital importance to a systemic point of view for the Russian financial system”.
The great powers finally intend to target the Russian media disseminating propaganda from Moscow, which claims to want to “denazify” Ukraine, as well as the supporters of Vladimir Putin.
“We will continue and intensify our campaign against financial elites and their family members who support President Putin in the war effort and squander the resources of the Russian people,” the statement read.
The United States, which already imposes an oil embargo on Russia, while the European Union continues to discuss its own, unveiled at the same time a new series of sanctions targeting the bank Gazprombank, the Russian arms industry or the exports of nuclear material to Moscow.
Funds for Eastern Europe
The European Commission is considering offering landlocked states in the east of the union more funds to upgrade their oil infrastructure, in order to convince them to agree to an embargo on Russian oil, a European source told Reuters on Monday.
These measures are part of a broader package of new sanctions against Russia following its invasion of Ukrainebut the adoption of the legal text still requires agreement on the amount of investment, the source said.
Another sticking point is Cyprus’ concerns over a proposed ban on the sale of real estate to Russians, the source said.
Discussions following the Commission’s presentation of its original sanctions paper last week have delayed approval. The text has already been revised once to try to convince the most skeptical.
The third version, which is being drafted, is expected to remove the ban on EU tankers from carrying Russian oil, the source said, following pressure from Greece, Cyprus and Malta.
EU companies would, however, be barred from offering insurance and other financial services for transporting Russian oil around the world.
So many decisions that will weigh on the wallets of the French the burden that fuel represents in the budget.
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