Business news · Global · 02 Oct 2026
IN Oil Gas & Consumable Fuels Services Chemicals
The Group of Seven, under France's rotating presidency, said after a videoconference chaired by President Macron that members will release up to 100 million barrels from strategic reserves over the next four months, coordinated through the International Energy Agency. A substantial diesel release by G7 members and partners comes first, within 20 days. The leaders also pledged not to restrict energy exports between G7 countries. The step widens the European diesel release agreed earlier on Friday. US diesel averaged $6.37 a gallon, near the record $6.52 of September 22, and US diesel stocks hit a record low in mid-September.
India is not a G7 member and is not part of the release, so the link is through prices. Oil marketing companies carry the gap between crude costs and held retail prices, which the industry puts at about Rs 8-9 a litre. Refiners that export diesel earn on the spread between diesel and crude, and a diesel-first release targets exactly that spread. Airlines pay for jet fuel, and paint, tyre, plastics and chemical makers buy crude-linked feedstock. The size matters for perspective: 100 million barrels over four months is far smaller than the 400 million barrel IEA release discussed in March, and Brent was still near $100 a barrel this week, so the direct effect on Indian input costs may be modest.
Reported by Al Jazeera ↗ on 02 Oct 2026.
NSE stocks, from the last close on or before 02 Oct 2026 to the close on 16 Oct 2026.
| Sector | Stocks | Median move | Up | vs all stocks |
|---|---|---|---|---|
| Oil Gas & Consumable Fuels | 19 | -0.2% | 9 of 19 | +0.1 pts |
| Services | 30 | +0.2% | 17 of 30 | +0.5 pts |
| Chemicals | 47 | -0.3% | 22 of 47 | -0.0 pts |
| All tracked stocks | 804 | -0.3% | 383 of 804 | — |
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