Total's European refining margins indicator (ERMI) fell to $27.5 per tonne in the fourth quarter of 2014 from $29.9 in the previous quarter, a table showed on its website on Thursday.
The indicator has recovered strongly in the second half of last year, buoyed by a sharp drop in crude oil prices, after having hit a four-year low in the first three months of 2014.
(Reporting by Michel Rose; editing by Sybille de La Hamaide)