French Gov't Promises to Ease Spike in Energy Prices

Fuel prices experienced sharp increases in France this year, with oil prices peaking in October and jumping by 12.6 percent at the end of this week.

In response to this crisis, the French government has decided to stabilize fuel prices at the pump by absorbing the increases in the cost of fuel imports.

In this regard, the French Prime Minister, Jean Castex, has promised a “price shield” for household gas and electricity consumers.

During a television interview on French TF1 on Thursday,  Castex affirmed: “We have to manage a spike," emphasizing that his government tends to limit the damage from surging energy prices to its economic record.

It's worth mentioning that France has already scrambled in recent weeks to cap gas and electricity prices and soar handouts to help the poor pay winter heating bills as energy prices jumped worldwide on the strength of the post-pandemic economic recovery.