Did TotalEnergies really lose 200 million because of the war in Iran?

Testifying before the National Assembly on June 18, 2026, the CEO of TotalEnergies stated that the voluntary fuel price cap in France has cost the company approximately 200 million euros in profit margins since the start of the war in the Middle East. However, the group is reporting a sharp rise in global profits, driven by the very same oil crisis, which has reignited the debate over the taxation of “superprofits” and the tax treatment of the oil and gas giant.

Appearing before the National Assembly’s Finance Committee, Patrick Pouyanné detailed his estimate: the price cap of €1.99 per liter of gasoline and €2.25 per liter of diesel represents a “loss of revenue” of some 200 million euros since late February 2026, when the conflict in Iran began.

The group’s CEO clarified that this figure is “approximate” since it is based on the prices TotalEnergies would have charged at its stations had the crisis not occurred.“The cap is below cost,” he stated, implying that the company is selling at a loss in France under current conditions.

“The only oil company to have implemented this”

In response to lawmakers calling for a tax on windfall profits, Mr. Pouyanné defended his price-capping mechanism, which he described as a “voluntary contribution” that “no one was asking” the group to make. He emphasized: “We are the only company in the world to have implemented this.”

The logic behind his reasoning is clear:“So, criticizing this measure [...] I admit I have a hard time understanding it.” He defended this measure, which is “appreciated by consumers” and praised by the government.

The threat to withdraw the cap in the event of a surtax

The CEO did, however, set one condition: “If Parliament moves toward additional taxation, we will learn from it [...] They can’t expect to take the same money from us twice.”

In a series of interviews from May 2026 reported by RTL, AFP, and Le Figaro, he warned from the outset: “In the event of a surcharge on our refineries [...] we will not be able to maintain the price cap at our gas stations in France.” He considersit “highly likely” that TotalEnergies will be subject in 2026 to the surtax on large companies adopted in the fall of 2025.

The shadow of 4.96 billion in profits

The figure of 200 million in “lost revenue” immediately drew reactions from many commentators because it juxtaposes contradictory realities: while TotalEnergies cites this loss in France, the group posted 4.96 billion euros in profits in the first quarter of 2026, a 51% increase year-over-year.

Globally, the group’s profits surpassed the $15.6 billion mark, according to Patrick Pouyanné himself. The conflict in the Middle East has boosted the group’s oil revenues, reigniting the debate over whether to tax “superprofits.”

Sticking to the cap despite tax criticism

The group is regularly criticized for paying a low corporate tax rate in France relative to its global profits. On May 17, 2024, Prime Minister Sébastien Lecornu had already encouraged the company to implement “a generous cap on gas prices” to redistribute the additional profits.

There will be no shortage in France

Finally, Patrick Pouyanné sought to reassure the public about summer supply:“There will be no shortages in France,” he assured, noting that inventories and logistics capacity are calibrated to handle the return to normal consumption levels. He did, however, warn that “this will come at a higher cost,” since “we will have to transport fuel to France in competition with Asia, which means paying more.”