Fuel: distributors' margins are rising, but prices at the pump remain low.

That's a striking figure, even when the advertised price finally seems to be improving. According to a government working document, fuel distributors' gross margins in France are currently higher than they were before the start of the Middle East war. At the beginning of 2026, the average gross margin was around 30 cents per liter; by the end of April, it had climbed to 33,6 cents for diesel and was approaching 30 cents for gasoline.

Meanwhile, motorists are seeing tolls gradually decrease, as if the price reduction had signaled a halt without ever changing lanes. A useful reminder: this gross margin covers operating costs, transportation, salaries, and logistics; it doesn't tell the whole story of the final profit, but it sets the tone.

When the price per liter falls, the profit margin remains strong.

Specifically, the document mentions significantly higher profit margins at certain companies, with gross margins on diesel reaching 39, 43, and sometimes even over 50 cents per liter, and nearly 40 cents on gasoline. Oil companies such as TotalEnergies, ENI, Esso, and AVIA are cited, as well as major retailers like Carrefour Market, Carrefour Contact, and Intermarché.

The government asked distributors to explain "the evolution and calculation of their margins" following a meeting dedicated to pricing, with one advisor describing the levels as "unacceptable." In mid-April, the idea of ​​a decree to cap margins was put forward, met with immediate opposition from the sector. The outcome will be a delicate balancing act: between demands for transparency, the real constraints faced by the networks, and the political temptation to tighten regulations, the battle over pennies will continue to dominate the electronic displays at gas stations.