French Finance Minister Pierre Moscovici said Tuesday that France, which is struggling to bring its deficit back within EU limits, would spend 300 million euros ($375.93 million) to temporarily cut pump prices for motorists.

"Pump prices will drop up to six cents, three for fuel companies and three for the state," Moscovici said following a meeting with fuel companies.

The temporary three-month measure would cost the French government around 300 million euros in lost tax revenue, and would then be followed by a more permanent mechanism, said the finance minister.

AFP