Leaders from the G7 nations want to help the global energy market. The G7 includes the United States, the United Kingdom, Canada, Japan, Germany, Italy, France, and the European Union. They will release 100 million barrels of oil and diesel. This plan will last for four months. The leaders said there will be no limits on energy exports between these countries during this time. They will release a large amount of diesel within the next 20 days to stop prices from rising too fast.
High fuel prices are a big problem for people and businesses. In the United Kingdom, diesel prices are very high. The average price for diesel in the UK is 200.01p per litre. This is a big change. For a family car, the cost to fill it with diesel is now ยฃ110. This is almost ยฃ32 more than the cost at the start of the US-Iran war. Also, the cost to fill a petrol car is ยฃ96.09. The average petrol price is 174.71p per litre.
These high costs affect many people. Farming and transport companies must pay more to move goods. This can make food more expensive. Problems in the Middle East and issues in the Strait of Hormuz also make oil prices go up. The G7 wants to act now to help families pay their energy bills during the winter. By releasing more fuel, they hope to make prices more stable for everyone.