Focus Retail du samedi 21 mars

The episode opens with a concrete tension: fuel prices are rising despite the Iran conflict driving oil costs down, and major retailers like Leclerc and Système U have promised price cuts that Michel-Édouard Leclerc appears not to have fully delivered on. Thierry Cotillard, president of Groupement Les Mousquetaires (Intermarché, Netto, Bricomarché), is brought in to explain where his group stands—and to push back on the idea that retailers are the ones keeping fuel prices high.

The fuel price debate and retailer margins

Cotillard is direct: "The first price that you see is evidently the price." For a discounter like Intermarché, being the cheapest is not a tactic but an identity. He argues that the confusion around fuel prices comes from a mismatch between announcements and reality—Leclerc announced a major price cut, but then the underlying cost of crude rose, making the cut impossible to maintain across all stations. Cotillard insists his group's obsession is to have the lowest prices possible, and that the real margin for distributors on fuel is around 2%, sometimes zero or 1% in competitive zones. He redirects attention to the state, which takes roughly half the price at the pump through taxes and VAT, and to refiners and transporters whose margins are rarely scrutinized. He also points out that the 2026 budget did not anticipate this