Fuel prices may be a constant concern for motorists, but drivers’ pockets should get a welcome respite from pocket-busting petrol and diesel costs. This follows the latest drop in prices at several major supermarkets, sparked by Asda cutting its rates by 2p per litre.
This most recent price drop – the third in a month – sees prices at Asda fall to 120.7p per litre for petrol and 124.7p per litre for diesel. This is the lowest forecourt prices have been since December 2010 and comes on the back of decreasing wholesale oil prices, with a barrel of oil now weighing in at below $86 (£53.33), with prices potentially falling further in the coming months.
As well as a 13 per cent fall in wholesale petrol costs, the pound has shown signs of strengthening over the past 10 days, which bodes even better news for UK consumers and businesses.
Coinciding with half term at many schools and increased household fuel use as temperatures start to plunge, more affordable petrol and diesel prices have been welcomed by AA head of roads policy Paul Watters, as a “timely boost” to families, reports the Daily Mail, as many families venture out on longer journeys over the school holiday.
Following Asda’s move to drop prices, a number of other supermarkets have followed suit, with Tesco announcing that it would also shave 2p per litre from its pump prices and Morrisons doing the same. Accounting for the drop in forecourt fuel costs the wholesale price of oil has fallen by 5p per litre over the last fortnight.
The AA’s Paul Watters told the Daily Mail: “As well as a 13 per cent fall in wholesale petrol costs, the pound has shown signs of strengthening over the past 10 days, which bodes even better news for UK consumers and businesses.”
Picture: Carolyn Franks