Britain holds crunch talks with Europe about releasing diesel stockpiles as fuel prices break records

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Donald Trump has threatened to press ahead with a ban on diesel exports unless Europe opens up its own stockpiles, according to reports.Britain has held crisis talks with the European Commission, Germany, France, Italy, and Ireland to discuss what measures to take.An export ban would send UK diesel prices, already at record levels, even higher, experts believe.

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It was prices in the US that prompted the President to say he would consider blocking exports, a move aimed at easing forecourt costs for Americans.

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TRENDING Stories Videos Your Say But the American Petroleum Institute has warned the move could backfire, with "catastrophic" effects on the global market.

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Diesel is seen as the lifeblood of industry and further disruption to a market already rocked by the Iran war and Ukraine conflict would squeeze supplies.

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Chancellor John Healey is said to be taking the threat of a ban "very seriously".

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Britain has spoken with officials from around Europe about the possibility of releasing diesel stocks, reports claim.A European Union official stated that the EU Commission, Great Britain, France, Italy and Ireland have held a call regarding the possible need to release diesel stocks.A spokesperson from the European Commission declined to comment on reports that President Trump told some nations to draw down diesel stocks to ease fuel prices.Reuters reported that the US administration told Germany and France that they could face a potential US diesel export ban if they fail to take action.

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TRENDING Stories Videos Your Say It comes as the price of diesel continues to rise to record levels, with thousands of forecourts across the UK charging more than £2 per litre.In response to soaring fuel prices around the world, President Donald Trump is believed to be frustrated with some nations failing to meet pledges to release fuel reserves.Speaking to Reuters, a US official said: "It is in...

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