Room for further supermarket fuel cuts, says RAC
Supermarkets are being urged to cut another 2p a litre off fuel by the RAC, as the wholesale price of fuel continues to tumble.
The motoring services specialist called for a fuel price cut at the end of last week in the wake of falling wholesale prices, leading Asda to spearhead reductions.
However, while this has helped bring costs down, the effect has not been as powerful as it could have been because of the way supermarkets price their fuel in different parts of the country.
The average price paid for supermarket fuel has only reduced by a penny a litre, with petrol moving from 119.46p (8 February) to 118.46p on 13 February while diesel has gone down from 121.83p to 120.84p. And the average price of fuel paid across all UK forecourts has hardly changed, reducing by around 0.5p a litre to 121.53p for unleaded and 124.21p for diesel.
Since the RAC’s call for a cut on Thursday last week the price of oil has fallen even further and now stands at $61.46 – its lowest price since mid-November last year – while the sterling/dollar exchange rate us slightly stronger ($1.38) than it was then ($1.32).
RAC fuel spokesman Simon Williams said: “In order to be fair to motorists the big four supermarket fuel retailers should really make further cuts as the wholesale price is still falling. There is clearly scope for both petrol and diesel to be slashed by another 2p a litre at least.”