WorldThe Irish TimesG7 to release 100m barrels of diesel and crude under pressure from Trump
G7 nations will release 100 million barrels of diesel and crude oil from emergency reserves under pressure from Trump, which could cut pump prices by around 8 cents.
Release of emergency reserves could see prices at the pump fall by around 8c
G7 countries agreed to release 100 million barrels of diesel and crude oil from strategic reserves, coordinated by the International Energy Agency, starting immediately over four months.
Trump had threatened a ban on US diesel exports to Europe if the demand was not met, and European diesel futures fell 8 per cent to their lowest level since early September following the announcement.
Wholesale diesel prices have already dropped sharply, and the release could see prices at the pump fall by around 8 cents if the reduction flows through to consumers.
The release is expected to push diesel futures down around 8 per cent, so fuel prices at the bowser could ease in coming weeks if the drop flows through to retail.
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