French Government Weighs Strategic Reserves and Controls Amid Soaring Fuel Prices

The French government is actively responding to the sharp rise in fuel prices amid the ongoing Middle East conflict and the blockade of the Strait of Hormuz. Fuel prices surged dramatically in early March 2026, with crude oil briefly reaching nearly $120 per barrel. In response, Prime Minister Sébastien Lecornu announced a special plan involving 500 inspections across service stations between March 9 and March 11, aiming to prevent abusive price increases at the pump. These inspections are to be conducted by the fraud enforcement agency (DGCCRF).

Minister of Energy and government spokesperson Maud Bregeon emphasized that it is "too early" to discuss new fuel purchase aids, signaling that the government is carefully monitoring the situation before deciding on support measures. Bregeon reassured the public that there is no risk of shortages in oil, gas, or electricity, highlighting that France's nuclear fleet is operating at full capacity, which reduces reliance on gas, especially amid a 30% spike in European gas prices. She also confirmed that France has no plans to purchase Russian gas.

Alongside these domestic measures, the government is considering the use of strategic fuel reserves as an option to alleviate the pressure on prices. This possibility will be a subject of discussion at the forthcoming G7 Energy meeting, presided over by France, which will focus on addressing energy prices globally.

Prime Minister Lecornu stressed that the Middle East conflict should not be used as an excuse for illegal or excessive price hikes, reinforcing the government’s vigilance in ensuring fair pricing. While potential sanctions against those exploiting the situation were hinted at, Bregeon remained non-committal, stating "all options are on the table." Furthermore, the government plans to meet again with fuel distributors later in the week to evaluate the developments from the inspections and decide on further measures.

These combined efforts underline the French government’s commitment to protecting consumers and stabilizing the fuel market amid volatile global conditions.