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French oil deal cuts fuel costs

France has cut the price of petrol and diesel by up to six euro cents per litre in a move aimed at fulfilling a key campaign pledge of president Francois Hollande.

Announcing the move following a meeting with oil industry leaders, finance minister Pierre Moscovici said oil companies have agreed to cut prices by one to three cents a litre, and the government will take another three cents off through a cut in fuel taxes.

Easing the pressure of rising prices on French households was one of Mr Hollande's key campaign pledges. Fuel prices have neared record highs in recent months on the back of rising oil prices.

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