PARIS—TotalEnergies, a major oil company, has capped prices at its 3,300 gas stations across France, a move that reflects the threat of mass protests and public opinion in the country.
The company, based just outside Paris, has pledged to continue capping prices for as long as the conflict in the Middle East endures, making it the only Western oil company to limit fuel prices voluntarily.
TotalEnergies' surging profit has put a target on the company, fueling demands for a windfall tax on businesses benefiting from rising oil prices.
Even with the price caps, fuel in France is far more expensive than in the U.S., with TotalEnergies charging 1.99 euro a liter for gasoline, equivalent to roughly $8.50 a gallon.
The company's Chief Executive, Patrick Pouyanné, has said that the price caps are a way to show patriotism and that the company must be clear that it cannot maintain the caps if a windfall tax is imposed on refineries.
