France to release 10m barrels of diesel from reserves to lower fuel prices

France will release 10 million barrels of diesel from its strategic stocks to address tight supplies and rising energy prices linked to wars in Iran and Ukraine, Prime Minister Sebastien Lecornu said Wednesday.

President Emmanuel Macron held an emergency G7 meeting on Friday, where member nations agreed to mobilize strategic reserves in a coordinated manner, Lecornu said during a national address.

France will make the diesel from its reserves available to distributors within the country as part of this coordinated effort.

The release is expected to lower prices at fuel pumps by 0.12 to 0.18 euros per liter of diesel, Lecornu said.