G7 Unleashes Emergency Fuel Release
The G7 bloc of advanced economies has agreed to work together to combat soaring diesel prices. Leaders made this decision at an urgent meeting, which was prompted by US President Donald Trump's consideration of banning US exports of diesel fuel and releasing European reserves.
Average UK diesel prices have hit a record high, reaching £2 per liter for the first time, according to motoring group RAC. However, UK Transport Minister Keir Mather assured that Britain's supply of diesel is 'robust' and 'resilient', with multiple sources available.
The G7 has agreed to make production more flexible and release up to 100 million barrels of diesel and crude oil from strategic reserves within four months. This move aims to prevent energy restrictions between partner countries and bring down soaring prices.