Headline: G7 Agrees Coordinated Release of Up to 100 Million Barrels as Diesel Prices Hit Record Highs

Date: 2 October 2026

Tags: Energy, Fuel Prices, G7, UK Economy

Summary:

• G7 leaders agreed coordinated measures aimed at increasing fuel supplies and reducing diesel prices.    Pasted text

• Countries and partners plan to release up to 100 million barrels of strategic reserves within four months.    Pasted text

• Refineries will be encouraged to maximise production, while countries agreed to avoid restrictions on energy trade between partners.    Pasted text

• The agreement followed Donald Trump considering a US diesel export ban and urging European countries to release reserves.    Pasted text

• Average UK diesel prices reached £2 per litre for the first time, according to the RAC.    Pasted text

• Scotland recorded the UK’s highest national average diesel price, while some remote areas faced substantially higher prices.    Pasted text

• Around 55% of UK diesel is imported, with just under one-third of those imports coming from the United States.    Pasted text

• Middle East conflict and reduced global diesel supplies have contributed to higher wholesale prices and Britain's increased import dependence.    Pasted text

• UK Transport Minister Keir Mather said Britain's diesel supply remains “robust” and “resilient”.    Pasted text

• Wholesale oil and European diesel prices fell, although changes typically take around two weeks to reach UK forecourts.    Pasted text

Why this matters: Higher diesel costs affect transport, farming and haulage, potentially feeding through into prices for food and other goods.    Pasted text

What’s next: G7 countries and partners plan to coordinate reserve releases through the International Energy Agency over the coming four months.    Pasted text