{"id":789730,"date":"2026-10-02T14:58:19","date_gmt":"2026-10-02T14:58:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/789730\/"},"modified":"2026-10-02T14:58:19","modified_gmt":"2026-10-02T14:58:19","slug":"live-updates-g7-leaders-agree-to-release-up-to-100-million-barrels-of-diesel-and-crude-oil","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/789730\/","title":{"rendered":"Live updates: G7 leaders agree to release up to 100 million barrels of diesel and crude oil"},"content":{"rendered":"

Despite record prices at the pumps today, wholesale prices have fallenpublished at 12:42 BST<\/p>\n

12:42 BST<\/p>\n

\"\"Mitchell Labiak
Business reporter<\/p>\n

Despite the concern around what US President Donald Trump\u2019s
\ndiesel export ban might mean for prices at the pump – both in the UK and
\neverywhere else – the wholesale cost of oil and diesel has fallen today. <\/p>\n

The global benchmark oil price has fallen by almost 2%, while
\nthe European benchmark diesel price has dropped around 6%.<\/p>\n

The pump price tracks the wholesale price. However, there is
\na lag of about two weeks because transporting oil is a slow process.<\/p>\n

The wholesale cost is dropping following a rise in the amount of wholesale oil
\nbeing shipped from the Middle East as tensions around the US-Israel war with
\nIran ease slightly. <\/p>\n

The possibility of the EU releasing some of its oil
\nreserves in response to Trump\u2019s threats has also helped push down prices.<\/p>\n

Here in the UK, average diesel pump prices have breached the
\n\u00a32 mark for the first time ever because forecourts are selling oil they paid
\nfor weeks ago when wholesale prices were up.<\/p>\n

What does not appear to have yet to be factored into the
\nwholesale price, or the pump price, is the potential US diesel ban itself.<\/p>\n

The wholesale price has not moved dramatically since Trump
\nstarted discussing the idea. <\/p>\n

If the ban becomes reality, though, expect that to change.<\/p>\n","protected":false},"excerpt":{"rendered":"Despite record prices at the pumps today, wholesale prices have fallenpublished at 12:42 BST 12:42 BST Mitchell LabiakBusiness…\n","protected":false},"author":2,"featured_media":789731,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-789730","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/789730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=789730"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/789730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/789731"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=789730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=789730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=789730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}