The UK’s biggest supermarkets have cut petrol prices by 3p sparking a new supermarket price war.
Asda was the first retailer to reduce the price of a litre of petrol by 3p to £1.23 at its 322 stations on Friday morning.
The decision means that any driver filling up at one of the supermarket’s petrol station will pay no more than 122.7ppl on unleaded, whilst Diesel remains the same at 126.7ppl.
Tesco, Sainsbury’s and Morrisons all pledged to implement the same price cuts over the weekend.
Motorists felt the effects of the price cut at Tesco and Asda’s forecourts from Friday, while Morrisons’ came into effect on Saturday and Sainsbury’s delayed the savings until Sunday.
Confirming the price cut, Dave Tyrer, senior fuel buyer at Asda, said: “With wholesale costs falling, we’re pleased to be able to pass on these savings onto our customers.”
David Pegg, fuel buying manager for Sainsbury’s, added: “As we head into Autumn after a busy summer, we are committed to helping our customers live well for less, whether they’re stocking up on groceries or refuelling their cars.”
But the RAC described the cuts as “long overdue” as drivers have been paying more than they should have for weeks.
Simon Williams, a spokesperson for RAC, said: “Drivers have been paying more than they should have for weeks due to savings in the wholesale price of petrol which retailers have failed to pass on until today.
“We pointed out this at the start of the month, yet it has taken them over a week to react. In the meantime they have all benefited nicely while drivers continued to pay more than they should.
“There have been times in the past when retailers have acted more transparently by passing on savings brought about by lower wholesale prices, but unfortunately this won’t go down as one of them.”
MPs call for petrol price watchdog
Earlier this year, a group of MPs called for an independent fuel price watchdog – Pumpwatch – to monitor the cost of petrol and diesel following accusations that the industry was increasing its profit margins at the expense of motorists.
i previously spoke to experts to help you cut your petrol or diesel car fuel costs. Here are our money saving tips.
From September, filling stations around the country have had to display new labels on their petrol and diesel pumps.
The new signs replace the simple “unleaded” or “diesel” wording as well as those indicating the octane rating of the fuel.
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