Total Energies fuel rebate at the French gas stations has cost the group 鈧�171 million ($169 million), the group鈥檚 CEO said on Wednesday.
During a hearing at the national assembly on "superprofits by gas and oil companies amid the energy crisis," Patrick Pouyanne told lawmakers that since Sept. 1, the group has been offering a discount of 鈧�20 per liter of fuel in its stations, in addition to that of 30 cents from the government. This measure cost 鈧�171 million to Total Energies.
He said he did not know how to define a superprofit. The breakeven point of Total Energies is at $25 per barrel but it is the markets that set the price of gas and oil.
"We accept strong risk-taking in the face of price volatility,鈥� he added.
The multi-energy company reportedly generated $5.7 billion in profit in the second quarter.
According to Pouyanne, the company pays approximately "鈧�1.6 to 鈧�1.9 billion per year" in tax and as a social contribution. Globally, the company paid $16 billion in taxes in 2021 and this year it will pay double the amount, roughly $30 billion.
Socialist and leftist lawmakers are likely to introduce a referendum bill on Wednesday to introduce taxes on superprofits generated by large companies.
By Shweta Desai
Anadolu Agency
energy@aa.com.tr