The UK has entered emergency discussions with Brussels regarding crisis diesel stocks, as US President Donald Trump hinted he might pressure the bloc to tap into its reserves. Energy minister Martin McCluskey spoke for the UK during a call with Ireland, the EU Commission, France and Italy on Thursday, exploring the potential requirement to release fuel stockpiles as costs skyrocket.
US weighs reserve release and export ban
Trump informed journalists on Thursday that he "may" demand European nations draw down their reserves. Speaking on the campaign trail in Texas, ahead of the US midterms, he remarked: "We may do that. They have some diesel. The prices are coming down."
The US president faces growing domestic pressure to slash prices before November's midterm elections that will determine control of Congress. Trump has already indicated over the weekend he is "thinking about" implementing a ban on US diesel exports, though he conceded it could actually drive up the cost of other products.
UK import reliance and price record
Such a ban would leave Britain vying with other nations to secure alternative, limited supplies, which would prove more expensive. The UK imports nearly 55% of the diesel it consumes, with the US providing around 31% of that total.
Diesel costs have rocketed in recent months due to the disruption to global supplies triggered by the US-Israeli war against Iran and the continuing conflict between Russia and Ukraine. The average price of a litre of diesel in the UK reached 199.79p on Thursday, according to figures compiled by the RAC. The previous record high of 199.09p was hit in June 2022, in the wake of Russia's invasion of Ukraine.
Reserve obligations and government response
As a member of the International Energy Agency, the UK is obliged to maintain oil reserves equivalent to at least 90 days' worth of net oil imports. These reserves are believed to be available for use in response to serious disruptions to global supply.
A spokesperson for the UK Government stated: "We have a diverse and resilient supply (of fuels). We continue to engage with our international partners and the UK fuel industry."
