Fuel prices have been on the way down over recent weeks, due to increased global supply. Thanks to plummeting wholesale fuel costs, average fuel prices are down to 129.69p for a litre of petrol and 133.74 for diesel according to Petrolprices.com.
The latest spate of price cutting at supermarkets will see a further 2p come off the price of a litre of petrol and 1p off diesel. Supermarkets Asda, Sainsbury’s and Tesco will all cut their forecourt prices tomorrow, as many families plan long journeys over the August bank holiday weekend.
This means that the cost of Asda fuel drops to its lowest level since January 2011, at a maximum of 124.7p for petrol and 128.7p for diesel. Consequently, filling up a typical 55-litre fuel tank will cost around £69, while a tank of diesel would set you back £71.
We've been calling for petrol and diesel prices to fall for some time following the decrease in wholesale prices and so this is a welcome move by the supermarkets.
Fuel spokesman at the RAC, Paul Watters said: “We've been calling for petrol and diesel prices to fall for some time following the decrease in wholesale prices and so this is a welcome move by the supermarkets.
"We would expect to see other retailers to follow in the coming days giving consumers a great opportunity to fuel up ahead of the bank holiday."
Head of public affairs at the AA, Paul Watters said: “We have seen competitive independent retailers east of London selling petrol as low as 125.9p a litre recently."
Take a look at our article on the cheapest towns to buy fuel to see how the price you have to pay compares with different parts of the UK.
Picture: B. Wylezich
August 19, 2014