U.S. President Barack Obama plans to announce new fuel efficiency standards for cars and light-duty trucks at an event in Washington Friday.

A White House spokesman said Wednesday the standards will apply to vehicles for model years 2017 to 2025. He said the program will result in major cost savings for consumers at the fuel pump, and will dramatically reduce oil consumption, cut pollution and create jobs.

The Obama administration and U.S. automakers have held talks in recent weeks on improving fuel economy standards. Officials familiar with those talks say the administration's initial target for vehicle efficiency was 23.9 kilometers per liter by 2025, but that it has reduced its goal to 23.2 kilometers per liter.

Current standards require automakers to achieve 15.1 kilometers per liter by 2016.

U.S. auto manufacturers are concerned that efforts to tighten fuel standards too much will hurt business. But the administration says the standards will reduce U.S. dependence on foreign oil.