The French government has launched a 70 million Euro emergency support plan to protect the country’s key industries from a price volatility crisis triggered by the war in West Asia. According to a statement, the package targets the transport, farming, and fishing sectors. Officials stated that the move is crucial to safeguard France’s food sovereignty and ensure the smooth operation of the national economy.
Small and medium-sized road transport firms will receive 50 million Euros in aid under the measures. Farmers will be exempt from taxes on agricultural diesel for the month. At the same time, the fishing industry has been allocated 5 million Euros to offset fuel costs, which now account for 35 per cent of their operating expenses. These sector-specific measures are limited to the month of April.
The Strait of Hormuz, one of the world’s busiest oil shipping channels, has been effectively disrupted since early March after the start of the West Asia conflict. Around 20 million barrels of oil normally pass through it daily, and the disruption has driven up shipping costs and pushed global oil prices higher.
