The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.

TotalEnergies will keep its fuel price caps across all its services stations in France through June amid the ongoing crisis in the Middle East, the French supermajor said on Wednesday.

TotalEnergies first announced in March caps on the price of gasoline and diesel it sells at its French stations as international crude oil prices soared after the Iran war began. Since then, the company has extended the price cap policy for April and May, and is now extending it through the end of June.

TotalEnergies vows to pass on to customers any declines in international oil prices if these drop materially from current levels, the energy major said.

Early this month, TotalEnergies said it would keep its fuel prices in France capped for as long as the Middle East crisis lasts, extending the policy first introduced two weeks into the conflict.

TotalEnergies is capping the price of gasoline and diesel at its stations in France to protect consumers from the “exceptional market volatility” since the beginning of the war in the Middle East, the French energy major said in early March, when the conflict was not expected to last this long.

Gasoline and diesel prices have soared globally in recent weeks as the blockage at the Strait of Hormuz sent refining cracks to multi-year highs, refineries in the Gulf were shut due to drone strikes, and Asian countries restricted or outright banned exports of fuels to protect their domestic supply amid the uncertainty about the next crude delivery to refineries.

At the end of last month, TotalEnergies raised its interim dividend by 5.9% and boosted the share buyback program to the high end of the guided range after posting a 29% jump in first-quarter earnings from a year earlier, pushed up by the spike in oil prices and very strong oil trading results in the wake of the Iran war.

By Michael Kern for Oilprice.com

More Top Reads From Oilprice.com

China's CNOOC Starts Production at Bohai Sea Oilfield

Mozambique Contests TotalEnergies' $2 Billion Cost from LNG Project Delay

Dallas Fed Pres Says World Needs To Consume Less Oil And Gas

Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else.

You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.