Asda and Tesco slash fuel prices by 2p per litre
Motorists are set for some relief at the pumps after supermarkets slashed the price of petrol and diesel by up to 2p per litre - seeing forecourt prices fall across the country.
Asda announced a national cap meaning that motorists will not shell out more than 105.7ppl on unleaded and 106.7ppl on diesel across their 272 stations.
Tesco, meanwhile, rolled out a 2p drop that will come into effect from 5pm on Monday.
Peter Cattell, fuel director for Tesco, said: "We know that lots of customers will have plans for the summer holidays, so we're dropping the price of our fuel to help them enjoy it even more. This reduction of up to 2p per litre on petrol and diesel at all our 500 petrol filling stations will mean millions of customers save money by shopping at Tesco."
Andy Peake, Asda's senior director for petrol, said the chain dropped the price of fuel because it was the start of the summer holidays and "families will be getting out and about".
He added: "At Asda, we always pass on any savings we can make to our customers, so it's great to see that costs have dropped, despite early predictions that the cost of fuel would increase following the outcome of the EU referendum."
The price of oil recently hit around $43 a barrel, the lowest level since early May.
In July, the RAC said the price retailers pay for fuel had been falling for almost a month, but pump prices remained largely static over the same period.
They claimed there was a "compelling case" for a forecourt reduction and expressed hope that retailers were not taking advantage of public perceptions that fuel prices would rise after the Brexit vote.
RAC spokesman Simon Williams praised the supermarkets for deciding to cut prices, but said it was a shame that it "did not come sooner".
He added: "This price cut takes us back to a supermarket price that was last seen in May. Hopefully, other supermarkets will follow suit, which will drive prices down across the country.
"If that happens we should see the average price of both petrol and diesel drop from around 112p a litre to 110p."