The European Union will develop new measures to support the fuel market

News 26 April, 2022

European regulators have reported on a plan being developed to solve problems with fuel supplies. In particular, French Economy Minister Bruno Le Maire noted that it is necessary to be safe from the possibility of an oil shortage after July 31. Earlier, local authorities undertook to cover 18% of the total cost of the fuel that has risen in price.

Regulators call the March benefit an emergency measure. They noted the need to develop a perfect fuel supply mechanism in the long term. According to Bruno Le Maire, the government has carefully revised the income statistics across the country to cover part of the costs of more expensive energy resources. The politician also noted that he is ready to leave his post in case of failure of the government’s plan to regulate oil prices and ensure its supply.

«An 18% discount on fuel is effective, but it is necessary to develop a new supply mechanism in the new conditions of the energy crisis. You also need to be prepared for an increase in energy prices after the end of the benefits for them on July 31, 2022. Thus, from August 1, this sector of Europe may become even more vulnerable», – said Bruno Le Maire.

Earlier, the European Union decided to significantly reduce the supply of energy resources from Russia. After that, all products in Europe rose in price due to rising fuel prices, which caused further supply problems. At the moment, Europe is developing a long-term mechanism that will provide EU countries with energy resources without a significant increase in their cost after July 31, 2022.