Supermarkets across the UK have cut fuel prices as a result of an ease in global prices resulting in retailers being able to share the saving with motorists.
Motorists have been affected by fuel costs rising since the beginning of the year, with the most recent price increase costing families around £100 to fill up an average size vehicle.
As the UK continues to be in a difficult financial situation with rising living costs the cut in fuel prices will be welcomed as many will get more for their money for the first time since February.
Asda have reportedly dropped their petrol and diesel prices by 3p, petrol will now cost 129.7 pence a litre and diesel is now at a cost of 134.7 pence per litre. The price cuts will be introduced to 195 of Asda’s fuel stations in the UK.
Well known supermarkets Tesco, Sainsbury’s and Morrisons have also announced they will be dropping their fuel prices by a similar amount.
News of the recent fuel cuts comes weeks after Transport Secretary Justine Greening announced she wants companies to implement a procedure which means a company must introduce a code of practice when it comes to fuel costs. The proposed plan is that fuel companies would have to register their fuel prices with the Government each day. As it stands if wholesale prices increase fuel costs go up instantly but when wholesale prices fall it can take weeks for them to come down again.
Ian Donaldson Managing Director of Autonet Insurance commented: “The news of a drop in fuel prices by supermarkets will be a welcomed rest for motorists, it’s been months since fuel costs have been this low which has had an effect on the UK. Hopefully the drop in costs will be a sign of the fuel industry improving.”
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By Amanda Bainbridge