Since the outbreak of the Middle East conflict, oil giant TotalEnergies has faced mounting criticism in France over the vast profits it has made from soaring fuel prices. The company’s chief executive has been summoned to answer questions before the National Assembly.
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TotalEnergies’ announcement of a record €4.96 billion profit in the first quarter of 2026, up 51% on last year, has reignited calls for a windfall tax on energy firms benefiting from the war.
The National Assembly finance committee said on Tuesday that chief executive Patrick Pouyanné would answer questions on 17 June.
Oil price surge
Global oil prices have surged since the start of the US war with Iran, which effectively blocked the Strait of Hormuz, through which a significant proportion of the world’s oil is shipped.
TotalEnergies swiftly announced it would cap prices at its petrol stations, and has since said it would introduce discounts over the bank holiday weekends in May.
Diesel, already limited to €2.25 per litre, has dropped to €2.09 during these periods.
But opposition politicians say this is not enough, and that the company and others in the sector are “war profiteers” who should pay tax on their extraordinary profits.
As oil prices rise, France suggests extra tax could help phase out fossil fuels
The French government, however, has remained cautious.
“We’re fortunate to have a major like Total, which produces and refines oil and is keeping prices down over the May holidays,” trade minister Serge Papin told franceinfo.
TotalEnergies’ position
Government spokesperson Maud Bregeon also defended the company. “It’s easy to criticise Total. It’s the French company everyone loves to hate. But having a major oil company is a key part of our energy sovereignty and independence.”
TotalEnergies has pointed out that it paid €19 billion in taxes globally last year. Little of the company’s profits come from France, where its refineries more often than not lose money.
“Taxing these profits doesn’t work,” former prime minister Élisabeth Borne told RTL radio, noting that most of the company’s profits are generated abroad. “What does help is encouraging Total to keep its fuel price caps. That’s a real benefit for French drivers.”
TotalEnergies has warned it may end its price caps if France imposes further taxes on its domestic operations.
The company faced similar scrutiny in 2022 after recording record profits driven by soaring energy prices following Russia’s invasion of Ukraine.
Pouyanné was grilled eleven times by deputies, who failed to pass a windfall tax on energy companies.
