Motorists have received some good news this week following a supermarket fuel price war involving a 3p-per-litre cut but experts say fuel suppliers should make prices even cheaper.
Asda, Tesco, Sainsbury’s and Morrisons have all announced cuts in the price of fuel over recent weeks and that has contributed to the overall reduction in the price of a litre. It is expected that fuel companies such as BP and Shell will follow suit.
Across the UK, the average price for petrol is 137p a litre – down from its mid-April peak of 142p a litre – and although this temporary cut will be welcomed by motorists experts say wholesale costs have fallen by $200 a tonne since then – enough to cut 10p a litre off pump prices.
The AA’s Luke Bosdet said: “There is little pressure on UK retailers to bring down prices. We would have expected prices to fall from 142p a litre to 132p a litre by now.”
Sainsbury’s joined the fray announcing a 3p-per-litre cut across the country, and diesel will also get a 3p-a-litre reduction.
It comes on the back of a report by motoring organisation AA which said that UK petrol prices had fallen 4p and diesel by more than 3.5p in the past month.
Sainsbury’s is also offering a further 5p off per litre voucher for customers spending £50 in stores or online. Meanwhile Tesco is offering customers a 10p discount on fuel when they buy 18 Andrex toilet rolls.
Richard Crampton, Sainsbury’s head of fuel, said: “We know that fuel continues to be a big part of many household budgets and we are committed to helping our customers cut down on cost whenever we can.
“Wholesale fuel prices have dropped across Europe and we are delighted to pass these savings onto our customers.”
Rival Morrisons has joined in the price war announcing a week-long 12p-per-litre cut for customers who spend £60 a more on groceries. At Morrisons prices are now around 121p a litre while diesel will cost 127p a litre. The special deal lasts until May 27, and customers will get a voucher redeemable at its 300 forecourts until June 3.
