Supermarket fuel prices cut as wholesale costs fall
The price of oil fell by around 9% last month.
Supermarkets are cutting fuel prices amid a fall in wholesale costs.
Sainsbury’s and Morrisons are reducing the price of petrol and diesel by up to 3p per litre at their filling stations.
Asda is taking the same measure in relation to diesel, while its petrol prices will fall by up to 1p per litre.
The announcements follow a recent drop in wholesale costs, with the price of oil falling by around 9% last month.
The drop in wholesale costs has been dramatic RAC fuel spokesman Simon Williams
Four consecutive months of average fuel price increases in the UK mean that, since February, the cost of filling a typical 55-litre family car has increased by £6 for petrol models and £3.80 for diesel vehicles.
AA fuel price spokesman Luke Bosdet said drivers have been “thrown around on a year-long pump price rollercoaster” with prices fluctuating by up to 10p per litre.
He went on: “Families with cars react badly to price shocks, but worse still when falling wholesale prices aren’t reflected at the pump.
“In the past fortnight, wholesale petrol and diesel prices have dropped but average UK pump prices have continued to rise.”
We would very much like to see retailers reflect wholesale price reductions more closely RAC fuel spokesman Simon Williams
RAC fuel spokesman Simon Williams said: “Diesel drivers especially will be relieved to see pump prices finally going down instead of up.
“While this is obviously welcome, it’s important to realise that the drop in wholesale costs has been dramatic, meriting far bigger price reductions for both petrol and diesel.
“For this reason we view this round of cuts very much as a good start. We should really see more in the next week or so.
“We would very much like to see retailers reflect wholesale price reductions more closely. This is particularly the case with diesel, which has been a similar price to petrol on the wholesale market for some time, yet is still 5p a litre more expensive on average on the forecourt.”
Asda and Morrisons said the lower fuel prices will be effective from Thursday, with Sainsbury’s committing to take action by Friday.