Supermarkets cutting the price of petrol again

Drivers are in line to benefit from lower fuel prices on the forecourts of the UK’s major supermarkets, following a dip in the wholesale cost of fuel

A two pence per litre reduction has been introduced by Tesco, Asda, Sainsbury’s and Morrisons, in a move which is likely to ease some of the financial burden facing the Uks motorists and was announced after the RAC raised pressure on the issue. It represents the second price cut introduced by the UK’s major supermarkets this month alone.

In Asda’s 301 filling stations, motorists will not pay any more than £1.13 per litre for petrol and £1.15 for diesel, as a result of the latest changes, which a big win when other costs such as insurance premium tax is rising making car insurance costs for Britain’s motorists rise even further

Just a few days ago, Government data showed that drivers were paying £1.19 on average for a litre of petrol and £1.22 for diesel.

Explaining the recent decline in wholesale fuel prices, experts believe events in the US are having a partial impact. Across the Atlantic, increased fracking activity has led to a glut of crude oil in the market at the moment

A partial recovery in the global oil market has pushed prices on garage forecourts higher over recent months, in turn driving up inflation.

Data from the Office for National Statistics has revealed that the UK’s official rate of Consumer Prices Index inflation hit 2.3% in February, from 1.8% in January. Rising fuel and food prices were a large contributing factor said to be behind the jump in inflation.