Leaders of the G7 nations have agreed to release up to 100 million barrels of oil and diesel in a bid to ease supply pressures that have caused prices to skyrocket.
It comes after diesel hit record highs in the UK, reaching £2 a litre for the first time ever, as conflict in the Middle East continues to push up the cost of fuel.
One worker, from Buckinghamshire, told the BBC he was spending an extra £500 a month on diesel as a result of the surging prices, while a charity said it may have to reduce aid shipments due to delivery costs.
US President Donald Trump, who has previously put pressure on Europe to release fuel reserves, warned he would ban US diesel exports if European countries did not agree to put more of their own stocks onto the market.
Following a meeting of G7 leaders, Trump told reporters outside the White House this evening that he would not impose the export ban, adding that Europe will be «making a major world contribution, and so are we».
In the UK, while diesel prices are at record levels, analysts say an actual shortage is highly unlikely, reports our business correspondent Theo Leggett.