UK in talks with EU partners to release strategic fuel reserves if needed, BBC understands

UK in talks with EU partners to release strategic fuel reserves if needed, BBC understands A European Commission spokesperson said there had been "lots of calls, tons of meetings" regarding the diesel situation, including "high level contacts" with the US administration. A gathering of the governing committee of the International Energy Agency (IEA) is scheduled for tomorrow. Since the outbreak of the US‑Israel conflict in Iran in February, global petrol and diesel prices have surged. The closure of the Strait of Hormuz, which typically transports about a fifth of the world's oil and gas, has pushed up the prices of products made from oil. An export prohibition from Russia, besides a large supplier of diesel, has added to the upward pressure on prices. Trump has argued that keeping moderate surplus barrels of diesel in the US would lower pump prices domestically, offering immediate relief to drivers, truckers, and businesses ahead of the midterm elections. But David Fyfe, main economist at Argus Media, said cutting off American supply would likely cause global prices to skyrocket. Diesel prices have hit an all‑time high in the UK, with the latest RAC figures showing average pump prices at 199.79p per litre, up from 142.38p. Diesel is harder to refine than gasoline and, because it is used by the haulage sector and in agriculture, demand is difficult to reduce. The UK remains heavily reliant on imports. Although the four refineries in the UK produce more than enough petrol to meet demand, they do not produce enough diesel for the country's needs. There were 15.1 million diesel vehicles on UK roads at the end of June, according to the Department for Transport. That is a drop from 15.7 million a year earlier. There were 9.8 million diesel cars, down year‑on‑year from 10.4 million.