French retail CEO reports a 'real collapse' in fuel consumption as prices soar due to Middle East tensions, with hopes for a temporary price drop in November.
Fuel consumption drops sharply in October
Fuel consumption in France dropped significantly in October, with some gas stations reporting a decline of up to 40 percent in volume compared to previous months, according to Dominique Schelcher, CEO of Coopérative U.Rising fuel prices drive behavioral change
Schelcher attributed the drop to rising fuel prices, which have increased due to the war in the Middle East. He said people are choosing to stay home and cut back on non-essential spending because fuel costs are weighing heavily on household budgets.Government aims to lower fuel prices
In mid-October, French Prime Minister Sébastien Lecornu announced plans to reduce fuel prices for consumers starting November 1st. The government expects the price drop at the pump to range between 12 and 18 cents per liter, which could save consumers about ten euros per full tank on average.Details of the plan remain unclear
However, the specifics of the government’s initiative are still being finalized. Schelcher noted that discussions with the government are ongoing and that the plan will only partially affect fuel consumption, providing a temporary relief rather than a long-term solution.Temporary relief expected
Schelcher warned that the planned price reduction would offer a "small breath of fresh air" starting next week but would not be a consistent or comprehensive solution for all consumers.
