TotalEnergies CEO Patrick Pouyanné defends price cap amid French tax probe

On 17 June, TotalEnergies chief executive Patrick Pouyanné appeared before the French National Assembly’s finance committee to answer questions on multinational taxation and the company’s recent fuel‑price‑cap policy. He explained that the government‑mandated ceiling on gasoline and diesel prices, which he said is below the group’s cost price, has cost the firm about €200 million since the Middle‑East conflict began. Pouyanné warned that any additional taxation could force the company to withdraw the cap.

TotalEnergies has drawn criticism for paying very little corporate tax in France – €95 million in 2024 – because its French refining and distribution activities run at a structural loss. The company highlights higher tax contributions in oil‑producing nations such as Norway, Nigeria, the United Kingdom and Angola, while a quarter of its 2024 profits were reported in a “rest of world” category that includes low‑tax jurisdictions like Switzerland and Singapore, prompting accusations of transfer‑pricing manipulation.