FOCUS – UK in crisis talks with Brussels over fuel reserves

LONDON, 2 October /ATSH-DPA/ – The United Kingdom has joined emergency talks with Brussels over strategic reserves of petrol and diesel, as US President Donald Trump has warned he may ask European countries to use their reserves to curb rising prices.

British Energy Minister Martin McCluskey took part yesterday in a call with representatives of Ireland, the European Commission, France and Italy.

The discussion focused on the possibility of releasing fuel reserves if the need becomes more urgent, while prices are rising rapidly.

President Trump said yesterday he may ask European countries to bring their fuel reserves to market.

The US president is also under increased pressure in the US to lower prices ahead of the November midterm elections, which will determine control of Congress.

The US president has previously said he is also considering banning US diesel exports.

He acknowledged that such a measure could cause cost increases for other products.

For the United Kingdom, a ban on US exports would create further problems, as the country imports around 55% of the diesel it consumes and around 31% of these imports come from the US.

Diesel price in the UK hits record

Diesel prices have risen sharply in recent months due to global supply disruptions, linked according to the report to the US–Israel war against Iran and the ongoing conflict between Russia and Ukraine.

According to RAC data, the average price of a litre of diesel in the UK yesterday was 199.79 pence, or around $2.64 per litre.

This level has passed the previous record of 199.09 pence per litre, recorded in June 2022 after Russia’s invasion of Ukraine.

How many reserves does the UK have?

As a member of the International Energy Agency (IEA), the UK is obliged to hold oil reserves equal to at least 90 days of net oil imports.

These reserves can be used in case of serious disruptions to supply in the global market.

The British government said the country has a diverse and resilient fuel supply and continues to cooperate with international partners and the UK fuel industry.