France to release 10 million barrels of diesel from emergency reserves: Lecornu

France has announced plans to release 10 million barrels of diesel from its emergency reserves in an effort to curb rising fuel prices, according to Prime Minister Sebastien Lecornu's recent national address. This move comes after a G7 commitment to draw down more strategic reserves, with Lecornu stating that the decision could potentially lower pump prices by approximately €0.12 to €0.18 per liter.

The International Energy Agency (IEA) has also pledged to accelerate its own 400 million barrel stock release, which was initially announced in March but still has 100 million barrels remaining. Following mounting pressure from the US, the G7 has set a timeline for member states to prioritize getting diesel to the market within 20 days.

France, along with Germany, maintains one of the largest stockpiles of diesel, with the country having already released around 3 million barrels as of October, leaving approximately 61 million barrels in reserve. The US administration reportedly approached France directly last week, urging the release of its stocks amid threats of a potential diesel export ban.

TotalEnergies, a French oil company, has agreed to cap prices for diesel and gasoline at its retail stations, while the government has allocated €1.4 billion in targeted relief to alleviate the impact of higher fuel costs on low-income consumers and key sectors such as fishing, farming, and construction.