Good news for motorists this week as supermarkets announced cuts to fuel prices as part of their price war.
Asda and Sainsburys have reduced their fuel prices by 2p, meaning that it will now cost no more than 126.7p per litre to fill up with petrol and 129.79p for diesel.
This is the lowest price they have sold it for since the beginning of 2011.
Apparently, the improving strength of the pound against the dollar is one of the reasons this cut has been made possible.
In addition, shale oil extract in the USA is reducing reliance on imports from the Middle East, meaning there is leeway for reducing the price.
“Falling wholesale prices don’t always lead to cheaper forecourt prices, so it’s good news for individual motorists, businesses, and the economy” said a spokesperson for the RAC.
The AA have also commented that average UK prices fell to 131.12p per litre. This comes alongside an announcement from the RAC that insurance prices have greatly reduced since the start of the year, so overall it is a good time to be driving.
There are fears however that fuel prices will go back to a postcode lottery, and that prices won’t drop down in the less competitive towns for a while, so some people may find themselves travelling to get cheap petrol.
