French President Emmanuel Macron announced on Friday afternoon, 2 October, that the G7 members (France, Germany, Italy, the United Kingdom, Japan, Canada and the United States) and their partners would release 100 million barrels of crude oil and diesel over the next four months, following an emergency meeting in response to threats by the Trump administration to suspend diesel exports between the United States and Europe (see EUROPE 13951/1).
The announcement immediately drove down oil and refined petroleum product prices on international markets. At around 5.30 pm, the price of crude oil was down 2.70% on the previous day, US gasoline was down 3.45% and heating oil down 3.70%.
The G7 decision aims to “help bring down the prices of petroleum products, particularly diesel”, the French President wrote on X.
According to the European Commission’s weekly oil bulletin, published on Thursday 1 October, 95-octane petrol cost an average of €2.10 in the EU and diesel €2.24. The EU countries with the highest prices, including taxes, were Denmark (€2.66 for 95-octane petrol and €2.54 for diesel), the Netherlands (€2.46 for 95-octane petrol and €2.53 for diesel) and Finland (€2.33 for 95-octane petrol and €2.52 for diesel).
The US Energy Information Administration, meanwhile, reported that a gallon of gasoline, equivalent to about 3.8 litres, cost an average of $4.47 (€3.97) on 28 September. A gallon of diesel cost $6.38 (€5.67) on the same date.
“Our citizens’ concerns about energy prices remain a top priority”, the G7 leaders conclude in their official statement. (Original version in French by Nadège Delépine)