Update 14/03/2017: Tesco and Sainsbury’s have also cut prices by 2p per litre. So petrol and diesel prices should now be lower at all four of the big supermarkets.
In the wake of last week’s fall in the price of crude oil, Asda has announced a 2p price cut for petrol and diesel. The cuts take effect on Tuesday and Morrisons has already promised to match the reduction with a 2p price drop of its own.
There’s a good chance that Tesco and Sainsbury’s will follow fairly soon. After all, all four of these supermarkets are locked in a bitter price war, desperately trying to steal each other’s customers and defend their market share from budget chains Aldi and Lidl.
RAC spokesman Simon Williams explains that the cut is the result of a recent fall in the price of oil:
“This price cut was made possible by the fact the oil price has dipped in the last two days of trading, reaching its lowest in nearly four months on news that the US has record crude supplies. Before that the OPEC oil producing countries cuts had been sending fuel prices up.
“While this cut may come as a surprise to drivers as prices at the pump have been going the wrong way for months, it is has been on the cards for a couple of weeks – we’re very relieved retailers have acted without any need for outside encouragement.”
Of course, you can always find the cheapest petrol and diesel prices in your area using our fuel price search. Just remember to add in the price you pay to help spread the good news.