G7 leaders convene emergency talks on diesel crunch as UK forecourt prices hit £2 a litre: report

G7 leaders have mobilized for urgent international talks to coordinate emergency responses to severe global diesel shortages, coming as new data from the RAC confirms that average UK pump prices have hit the milestone of £2 a litre for the first time.

The high-stakes coordination follows mounting pressure from the United States, which has urged European allies to release emergency fuel reserves as Washington weighs potential restrictions on domestic fuel exports.

Tightening global refining capacity, ongoing supply chain disruptions, and geopolitical tensions have accelerated the surge in wholesale costs, sending shockwaves through freight networks and consumer markets.

UK officials have sought to reassure the public that the nation maintains a diversified import baseline and structural resilience, even as taxation components—including fuel duty and VAT—continue to account for a substantial portion of record forecourt costs.

International energy ministers and European counterparts continue to evaluate coordinated stock releases to stabilize volatile energy markets.