Diesel prices hit record highs in September, remaining at an average of $6.37 per gallon on Friday
The Group of Seven (G7) countries and the allies have agreed to immediately release 100 million barrels of reserves over four months to combat soaring diesel prices.
The move comes as President Donald Trump weighs a possible ban on US diesel exports to curb rising prices, raising concerns in the European Union, which relied on the US for about half of its diesel imports in August.
Diesel prices hit record highs in September, averaging $6.37 per gallon on Friday.
Global fuel supplies face severe strains from Ukraine’s attacks on Russian refineries and disruptions from the Iran war.
The G7 nations will coordinate with the International Energy Agency (IEA) to release “substantial” amounts of diesel in the next 20 days.
The US is the world’s largest diesel exporter.