France's finance minister says the price of gasoline and diesel fuel will be lowered by up to six euro cents per liter in a move aimed at fulfilling a key campaign pledge of President Francois Hollande.

Announcing the move following a meeting Tuesday with oil industry leaders, Pierre Moscovici says that oil companies have agreed to cut gasoline prices by one to three cents a liter, and the government will take another three cents off through a cut in taxes levied on gasoline and diesel fuel.

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