Michel-Edouard Leclerc, head of France’s largest supermarket group Leclerc, has admitted he was wrong to suggest drivers would soon benefit from a sharp fall in fuel prices.
Leclerc admitted that the widely reported reduction of “around €0.30” per litre at the pump – which he had indicated could happen within days – ultimately did not happen.
“I plead guilty to having overestimated our ability to continue selling at lower prices,” he told AFP, adding that he “fully understands the expectations” raised among drivers. “I regret not having anticipated such volatility.”
Speaking in an interview to France Info on March 11th, Leclerc pointed to a recent dip in oil prices following days of increases due to escalating tensions in the Middle East.
He suggested that, as petrol stations restock their supplies, prices could fall by €0.23 per litre, followed by a further €0.07 drop – bringing the total expected decrease to roughly €0.30 per litre.
While some price reductions were briefly seen in certain outlets, the broader drop never happened in Leclerc gas stations.
Leclerc said that he had not intended to announce any formal campaign or promotion, but rather to describe the market’s current situation.
The French oil giant Total Energies has said that it will cap fuel prices at €1.99 per litre for petrol and €2.09 per litre for diesel – but only until the end of March.
Despite the mistake, Leclerc remains one of the cheapest outlets for fuel in France.
MAP: How to find the cheapest petrol and diesel in France
Leclerc is not the only retail executive to have raised expectations of falling prices. Dominique Schelcher, CEO of Coopérative U supermarket chain, also said earlier in the week that prices would “fall significantly at the pump”.
However, Coopérative U later acknowledged that any reductions have been modest and inconsistent.
“There has been a gradual drop of several cents at some petrol stations over several days,” the group told AFP, “but we are entirely at the mercy of price volatility and developments in the geopolitical situation.”
Meanwhile the expansion of the conflict in the Middle East means that household gas prices may also start to rise in the days to come.
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