2 hrs ago
France Seeks G7 Action Amid Global Fuel Price Shock
Fuel has become much more expensive in many countries.
France says countries should work together to keep enough oil and diesel available.
French President Emmanuel Macron spoke with Donald Trump and Mark Carney about the problem.
France plans to hold an online meeting of G7 leaders.
The crisis has been linked to fighting involving Iran, problems in the Strait of Hormuz and the Russia-Ukraine conflict.
Some oil shipments and fuel-making facilities have been disrupted.
In the United States, diesel reached about $6.52 per gallon, and in the United Kingdom it passed £2 per litre.
France has discussed releasing emergency fuel supplies, but no final decision has been reported.
India has warned that expensive fuel could also worsen food, fertiliser and financial problems.
France plans to convene a G7 leaders’ videoconference on rising fuel prices and oil supplies.
Emmanuel Macron discussed coordinated energy action with Donald Trump and Mark Carney.
The price surge has been linked to the US-Israel attack on Iran, Strait of Hormuz disruptions and the Russia-Ukraine conflict.
US diesel reached about $6.52 per gallon, while UK diesel exceeded £2 per litre.
France and the International Energy Agency are assessing supply coordination, while possible reserve releases remain under consideration.
- Who
- France, led by Emmanuel Macron, is coordinating with G7 countries, the International Energy Agency, Donald Trump and Mark Carney.
- What
- France plans a virtual G7 meeting to coordinate responses to rising fuel prices and tighter crude-oil and refined-product supplies.
- Where
- The coordination involves G7 countries and global energy markets, with parallel discussions in Europe.
- When
- Macron’s discussions and the proposed meeting were reported on October 2, 2026; the videoconference is planned as soon as possible.
- Why
- Fuel prices have risen after disruptions linked to the US-Israel attack on Iran, the Strait of Hormuz, the Russia-Ukraine conflict and refinery shortages.
Coordinated Supply Action
Broader Crisis and Supply Risks
How to respond to rising prices
Coordinated Supply Action
France argues that G7 countries should act together, avoid export restrictions and coordinate crude-oil and refined-product supplies.
Broader Crisis and Supply Risks
The situation may require more than fuel measures because India has warned of linked food, fertiliser and financial pressures.
Emergency reserve releases
Coordinated Supply Action
France has floated releasing substantial crude and diesel reserves, and coordinated stock releases could ease near-term pressure.
Broader Crisis and Supply Risks
The reserve-release proposal remains under technical assessment, while prolonged disruption or further escalation could continue to push prices higher.
Main source of the shock
Coordinated Supply Action
The French initiative focuses on restoring fuel availability through international coordination and supply management.
Broader Crisis and Supply Risks
The articles attribute the shock to several overlapping factors, including the US-Israel attack on Iran, Strait of Hormuz disruptions, refinery shortages and the Russia-Ukraine conflict.
Key facts
- G7 response
- France, which holds the G7 presidency, plans a leaders’ videoconference on energy supplies.
- Macron’s discussions
- Emmanuel Macron spoke with Donald Trump and Mark Carney about rising fuel prices and refined-product availability.
- US fuel prices
- Diesel reached about $6.52 per gallon and petrol about $4.43 per gallon; 47 states reportedly saw record diesel prices.
- UK fuel prices
- Diesel exceeded £2 per litre, reaching 200.01 pence per litre according to the RAC.
- Oil flows
- Oil flows through the Strait of Hormuz reportedly fell below 15% of prewar levels.
- Household costs
- US households spent about $117 billion more on petrol and diesel between March and September 2026 than during the same period a year earlier.
- Potential measures
- Possible actions include coordinated supplies and releases from strategic crude-oil and diesel reserves, but proposals remain under assessment.
Sources
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