France to release 10 million barrels of diesel from reserves

France will provide its distributors with 10 million barrels of diesel from its reserves.

G7 countries have agreed to release up to 100 million barrels of fuel from strategic reserves amid the energy crisis.

Fuel will be provided to distributors at the cost of reserves, which will reduce prices at gas stations by 12–18 euro cents per liter.

PARIS, October 7 – RIA Novosti. France will provide its distributors with 10 million barrels of diesel from reserves as part of a recent decision by the Group of Seven (G7), Prime Minister Sebastien Lecornu said on Wednesday.

Earlier, French President Emmanuel Macron said that the G7 countries had agreed to release up to 100 million barrels of fuel from strategic reserves against the background of the energy crisis due to the conflict in the Middle East.

“Last Friday, he (Macron – ed.) urgently convened the G7, and they decided to coordinate the use of strategic reserves. As part of this, we will provide distributors in France with 10 million barrels of diesel fuel from our reserves. I will soon sign a decree authorizing this operation, which should last three months,” Lecornu said in an address to citizens.

According to the prime minister, we are talking about fuel purchased before the price jump; it will be provided to distributors at the cost of reserves. This will reduce prices at gas stations by 12-18 euro cents per liter, he added.

In September, the cost of diesel fuel in France set another record, reaching 2.41 euros per liter. The average price for gasoline was 2.2 euros, which was also the maximum. The head of the country's Ministry of Finance, Roland Lescure, said that fuel prices, which jumped after the outbreak of the conflict around Iran in February, will remain high for a long time.