Motorists across the UK have been struggling with high fuel prices at the pumps for many months now. But it looks as though there’s a small respite on the way.
Asda has announced that it’s cutting the price of both petrol and diesel by 3p per litre, with Morrisons, Tesco and Sainsbury’s all following suit, This is Money reported. The move comes after a significant drop in wholesale prices, but there’s criticism that the fall isn’t enough.
RAC spokesperson Simon Williams said that all the major supermarkets could afford to cut prices further.
“The cost of buying petrol on the wholesale market has dropped like a stone so we should be looking for at least 5p to come off the average price of unleaded at the pumps of 128.84p,” he stated.
Mr Williams also pointed out that in the last round of price cuts, the big supermarkets took an average of just 1p per litre off fuel prices, rather than the 2p they promoted.
He added that this is particularly welcome news for diesel drivers, who have had to deal with “seemingly never-ending price rises”.
This price cut comes after the government confirmed it would be freezing fuel duty once again. Chancellor Philip Hammond made the announcement in his budget speech at the end of October.
That means the amount of duty levied on fuel at the pumps will remain at 57.95 pence per litre, which is the level it’s been at since 2011. Although analysis by Which? showed that fuel prices have yet to return to the highs experienced in early 2012, they are certainly creeping up and moving in this direction.
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