French President Emmanuel Macron said in Lyon on Friday that France and its partners had agreed coordinated measures intended to bring down fuel prices, with particular focus on diesel.
“We continue to work and do all that is necessary so that fuel prices, whatever the category, especially diesel, need to drop at gas stations as soon as possible. We’re going to continue working on this,” Macron said.
This follows a G7 agreement to release 100 million barrels from strategic reserves over four months, including a substantial release of diesel within the first 20 days.
According to media reports, the group also agreed to coordinate refinery maintenance and encourage higher production of refined products where possible.
France currently holds the G7 presidency and has pushed for coordinated action as international energy markets face sharp price pressures linked to disruptions to commercial shipping in the Strait of Hormuz.
Macron said in September that diesel was among France’s priority supplies, with the country consuming around 600,000 barrels a day and importing about half of that amount.
The move also follows pressure from President Donald Trump’s administration for European countries, particularly France and Germany, to release strategic diesel reserves as prices surged.
Trump said on Thursday that Washington could ask European countries to tap their stocks, while senior US officials called for supplies to be made available immediately.
Trump had earlier raised the possibility of restricting US diesel exports as his administration sought to curb domestic prices. European officials warned such a measure could have damaging effects on their economies.
The G7 said the International Energy Agency would monitor implementation of the latest measures and report on their impact on energy security and market stability within 20 days.
Source: Viory
