Reduced oil prices and the pound jumping in value could mean savings at the pumps for UK motorists
Three of the UK’s largest supermarkets are set to reduce fuel prices at their pumps from today. This will be the second time in as many months that Morrisons, Sainsbury’s and Tesco have cut the price of fuel on their forecourts.
Along with Asda, the four giant supermarkets cut the price of fuel back in March, reducing the price at the pumps by around 2p a litre, however, not long after the price of oil increased.
With the pound creeping up in value and the price of oil dropping from $55 a barrel in the middle of April to $49 by the end of the month, the UK’s top three supermarkets have reported that they’ll introduce savings at their pumps from today (Thursday) by 1p a litre on petrol and 2p on diesel.
Recent data gathered by the RAC, showed that average pump prices for both diesel and unleaded jumped by over 1p a litre at forecourts across the country in April.
The average price for diesel rose by 1.17p to 120.53p, with petrol jumping 1.44p a litre to 118.85p – this equated to an average cost of £65 for a driver to fill up their family-sized petrol car that has a 55 litre tank and £66 to fill up an equivalent diesel vehicle.
On April 27, the price of oil fell below $50 a barrel, pushing three of the top supermarkets throughout the country who supply fuel, to reduce their prices at the pump.
Morrisons was the first of the three giant supermarkets to announce a price cut. Services Director at Morrisons, Roger Fogg said: “We are again bringing prices down quickly and we hope that this move will help motorists’ budgets stretch a little further.”
The fuel buying manager at Sainsbury’s, Izzy Hexter, has announced they will cut prices at every one of their 309 forecourts.
However, Simon Williams, fuel spokesman for the RAC, believes that greater savings could have been offered than what has been announced saying: “It would be good if they surprised motorists with a bullish 3p-a-litre cut.”
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