G-7 nations, including Canada, have agreed to release 100 million barrels of diesel reserves as the staple fuel continues to soar in price.

Member countries held an urgent meeting today, agreeing to make production more flexible and release some 100 million barrels of reserve over the next four months.

The meeting followed a call from U.S. President Donald Trump to have European countries release diesel and threats to ban the export of American diesel.

The fuel is averaging between $2.60 and $2.75 per litre in Canada.