Prices at the pumps have been on the way down for several months, with cuts of 5p per litre at some supermarkets at the end of September and previous slashes to prices in the middle of August.
However, motorists could see a further 6p drop according to experts, as supermarkets spark another price war, following reduced oil costs. All this means that drivers can expect to pay significantly less to fill up their car than before, with the price for brimming the tank in an average family car dropping by around £4, according to the Telegraph.
Retailers Asda, Sainsburys and Tesco have all promised to slash prices by 1p per litre for petrol and up to 2p per litre for diesel at some forecourts today. Asda has capped prices at its 232 forecourts to 123.7p per litre for petrol and 126.7p per litre for diesel.
It's an election year and if politicians want to show they care about families whose budgets have come under real strain, they should ensure drivers get a fair price at the pump.
This follows reports from senior oil industry figures, which claim that wholesale oil prices are predicted to fall to less than $80 per barrel – around a 10 per cent drop.
However, despite the fall in wholesale costs fuel retailers are often slow to pass on lower prices, as they can increase profits at these times. AA spokesperson Luke Bosdet told the Telegraph that this is something which politicians need to address: "There have been some dramatic falls in oil prices this year but petrol prices have moved by far less.
"It's an election year and if politicians want to show they care about families whose budgets have come under real strain, they should ensure drivers get a fair price at the pump."
Mr Bosdet added that it is impossible to trace where retailers are delaying passing on lower costs to motorists, allowing fuel stations to hide their profit margins. Furthermore, the price of petrol varies significantly across the UK. The current average price for petrol stands at 126.79p per litre, while diesel weighs in at 130.99p per litre, according to petrolprices.com.
Picture: Hayati Kayhan
October 14, 2014