France to knock 15 cents off per litre of petrol to fight price hikes

France is set to introduce a subsidy of 15 cents (16 US cents) per litre of petrol to provide some relief from climbing fuel prices, according to Prime Minister Jean Castex.

The policy is set to go into effect in April and is to last for four months, he tweeted.

Speaking to the Le Parisien newspaper, he said the subsidy would be delivered directly at the pump, meaning customers will pay less than the price advertised. It will apply to all fuel varieties.

Castex said the step will cost €2 billion of taxpayers' money and called on oil companies and distributors to match the gesture with a contribution that would also reduce fuel prices for consumers.