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Major supermarkets cut petrol prices as pound strengthens

Written by: Paloma Kubiak
The pound’s recent comeback against the dollar has allowed the major supermarkets to cut pump prices, offsetting some of the rises seen as a result of storm Harvey.

Asda sparked the petrol price war as it announced it would lob off up to 2p per litre off unleaded and 1p per litre on diesel from tomorrow.

The move means drivers will not pay more than 115.7p per litre on unleaded and 116.7p per litre on diesel at all 308 forecourts.

Sainsbury’s was quick to follow suit. It confirmed that from Saturday it would cut the cost of unleaded by up to 2p per litre and diesel by 1p per litre across its 309 filling stations. Motorists refuelling at Sainsbury’s can collect Nectar points with one point awarded for every litre bought.

Morrisons also waded into the price war announcing it would cut the price of diesel and unleaded by up to 2p per litre from tomorrow across its 333 forecourts.

Tesco also joined the pack with its fuel buyer, Rodger Beer, saying: “As an extra little help we’ll be dropping the price of our petrol by up to 2ppl and diesel by up to 1ppl. This will mean millions of customers save money by shopping at Tesco.”

‘Very welcome relief for motorists’

Simon Williams of RAC fuel, said this is some very welcome relief for motorists who have suffered a 3p a litre rise in the average price of petrol since mid-August as a result of Storm Harvey hitting the US Gulf Coast and disrupting refineries.

“Motorists are now paying nearly 120p a litre for unleaded – the highest since March – while the average price at the big four supermarkets is 117p. This latest cut from the supermarkets should force forecourt reductions across the country, hopefully bringing prices down by 2p a litre everywhere.”

Williams said strangely, this has come at a time when the oil price has increased by around $7 a barrel since mid-August. “But it is the strengthening of the pound to $1.35 that has made the big difference as fuel like oil is traded in dollars,” he added.

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