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Supermarket chain cuts petrol prices by 3p per litre
Asda will drop the price of fuel by up to 3p per litre at its 294 forecourts, meaning motorists will pay 110.7p per litre for unleaded and 112.7p per litre for diesel.
The supermarket said motorists will benefit from cheaper fuel prices following wholesale price falls over the past month, helping to cushion the decline in the value of the pound since Brexit.
Asda’s latest income tracker for September show year-on-year fuel prices have increased by 1.4% – the first time in over three years it has shown an increase in prices from the previous year.
On Friday, the RAC called on fuel retailers to cut pump prices to reflect the fall in the cost of oil, and the weakening value of the pound.
While it said Asda’s move is clearly good news, it’s come “far too late” as the wholesale price of fuel has been falling since the end of October when the oil price began to fall again.
Simon Williams of the RAC, said: “Retailers should have reduced their prices then rather than making one bigger headline-grabbing cut now. The RAC called for a cut last week so it’s a case of better late than never.
“The first two weeks of November unfortunately prove that the ‘rocket and feather’ does exist. This is a great shame as retailers previously had a good record of lowering their prices in response to wholesale cost savings.”
Williams said this will “sadly undermine motorists’ trust in fuel retailers” and added that there’s still scope to reduce pump prices further from the current 116.68p a litre to nearer 110p.
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