FOUR SUPERMARKET chains in the UK have confirmed they’ll be cutting petrol prices following recent drops in wholesale oil values.
Asda said it would be reducing petrol pump prices by 2p to 122.7p per litre. Tesco confirmed it would be reducing costs by an identical amount this evening (November 6). Morrisons will introduce its own 2p price reduction on November 7, with Sainsbury’s following suit on November 8.
⚠️⚠️ We’ve dropped the price of our unleaded petrol! ⚠️⚠️ From Thursday 8th Nov we’ll be cutting the price of our petrol by up to 2p per litre across our 312 petrol stations⛽️?
— Sainsbury’s News (@SainsburysNews) November 6, 2018
While paying 2p per litre less at the pumps is good news for motorists, according to figures from the RAC Foundation, wholesale costs have fallen by over 6p per litre in the last month alone, from 101.21p per litre on October 5 to 95.11p per litre on November 5.
And although diesel wholesale values have fallen by 4p per litre over the same timeframe, none of the supermarkets have yet announced diesel pump price reductions.
Motoring groups in the UK have welcomed the move, though. The RAC’s fuel spokesman Simon Williams said: “This is excellent news for motorists as it should spark cuts from all retailers bringing the price of petrol down nationwide.”
He added: “We badly need a case of ‘follow the leader’ now and for big retailers to actually have the often-talked-about ‘pump price war’ as that would rightly benefit consumers.”