You are here: Home - Household Bills - News -

Supermarket chain cuts petrol prices by 3p per litre

Written by: Paloma Kubiak
A supermarket will cut the price of petrol by up to 3p per litre from tomorrow, just days after the RAC criticised the industry for not passing on falls in the wholesale cost of oil.

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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week