India, Oct. 3 -- The global fuel market is facing another major intervention as G7 countries move to put up to 100 million barrels of oil and refined products into circulation. The coordinated release comes as diesel prices surge, supplies remain tight, and governments face growing pressure to prevent higher fuel costs from spreading through transport, agriculture and household budgets.

The G7 said the release will take place through the International Energy Agency (IEA) over four months, with a substantial amount of diesel reaching the market during the first 20 days. The plan covers both crude oil and refined products and is intended to improve immediate supply conditions.

The agreement also addresses a major concern that had emerged ...