BRUSSELS — The G7 club of rich countries are preparing to convene later today to explore whether to release further diesel reserves to bring down fuel prices.

Four people familiar with the matter confirmed the plan to POLITICO. The meeting will take place after the U.S. pressured European countries to act on their reserves or face an export ban.

The meeting of the Group of Seven, which includes France, Germany, Italy, the U.K., the U.S., Canada and Japan, will come on Friday afternoon amid growing concern over rising diesel costs that have triggered a pressure campaign by Washington.