G7 countries have agreed to release 100 million barrels of strategic petroleum reserves over four months.
Members of the group, which includes the UK, France and the US, have also agreed to “refrain from” measures which restrict them from the trading of oil products with each other.
Export restrictions on US oil would have left Britain competing with other countries to find an alternative supply, potentially driving record-breaking diesel prices even higher.
Average diesel prices at the pump broke the £2 per litre mark for the first time on Friday, at 200.01p, according to figures compiled by the RAC.
Earlier this week, the price exceeded the previous all-time high of 199.09p, set in June 2022 after Russia’s invasion of Ukraine.
• Subscribe to ITV News on YouTube: http://bit.ly/2lOHmNj
• Get breaking news and more stories at http://www.itv.com/news
Follow ITV News on TikTok https://www.tiktok.com/@itvnews?lang=en
Follow ITV News on Instagram: https://www.instagram.com/itvnews/
Follow ITV News on Facebook: https://www.facebook.com/itvnews/
Follow ITV News on X: https://twitter.com/itvnews
