G7 to release massive diesel stockpiles under Trump pressure after pump prices hit £2
Diesel prices have soared in recent months because of the disruption to global supplies.
G7 leaders have agreed to release “up to 100 million barrels” of strategic petroleum reserves “within four months”, French President Emmanuel Macron has said.
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Mr Macron wrote on X that G7 members had agreed to “take no measures to restrict the exchange of energy and petroleum products between partner countries”.
Foreign Secretary Ed Miliband was due to stand in for Andy Burnham on a call with G7 leaders on Friday to discuss world energy markets, while the Prime Minister attends his father’s funeral.
The UK government has sought to reassure the public amid concerns about supply as prices reached £2 a litre for the first time.
Mr Macron wrote on social media: “I just brought together the G7 leaders to discuss the global energy situation.
“We agree to work in a coordinated manner to help bring down the prices of petroleum products, particularly diesel.”
Read more: Diesel prices are soaring. Does Britain have a plan besides hoping Donald Trump backs down?
Read more: Average diesel price in UK hits £2 per litre for first time
Je viens de réunir les dirigeants du G7 pour évoquer la situation énergétique mondiale.
— Emmanuel Macron (@EmmanuelMacron) October 2, 2026
Nous sommes d’accord pour travailler de manière coordonnée pour contribuer à la baisse des prix des produits pétroliers, notamment du diesel.
Nous avons décidé de :
→ flexibiliser la… pic.twitter.com/ilaXb94kD6
A joint G7 leaders’ statement after the virtual meeting read: “Facing unprecedented volatility in oil markets – with surging prices threatening economic stability and the well-being of our citizens – we have agreed on decisive, coordinated measures to stabilise immediate energy supplies, shield households and businesses from price shocks, and strengthen the long-term resilience of global energy systems.
“We will coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and temporarily increase utilisation rates where feasible.
“We also encourage engagement with countries holding significant refining capacities to boost global production of refined products, particularly diesel, in light of ongoing market pressures in this segment.
“The G7 requests the IEA (International Energy Agency) to monitor the immediate and full implementation of the March 2026 commitments.
“In this regard, taking into account commitments that have already been fulfilled, we will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners.”
The announcement follows calls from US President Donald Trump for Europe to draw down on its stores.
The US put mounting pressure on European countries on Thursday to use their reserves, with Treasury Secretary Scott Bessent saying they should “immediately” begin to do so.
In a post on X on Thursday, Mr Bessent said: “Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions.
“American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage. America is doing its part.
“We look to our allies to match their commitments with action.”
The UK imports nearly 55% of its diesel, with the US providing nearly a third of that amount.
Diesel prices have soared in recent months because of the disruption to global supplies caused by the US-Israeli war against Iran and the ongoing conflict between Russia and Ukraine.