Supermarkets urged to make further fuel price cuts
Sainsbury’s announced yesterday (20 October) that it was cutting the price of unleaded petrol and diesel by one pence per litre across its 300 forecourts. The supermarket giant also announced a boost in points awarded on the Nectar loyalty card for fuel purchases until the end of October.
Tesco, Asda and Morrisons also announced a 1p per litre drop in petrol and diesel prices across their networks.
RAC fuel spokesman Simon Williams said: “While this is more good news for motorists, we would like retailers to make bigger cuts as wholesale prices indicate that there is a saving of at least 3p a litre on petrol and well over 2p on diesel that they should be passing on at the pumps.
“These low prices are being driven by an over-supply of oil which has kept the cost of a barrel under $52 since early August which has led to a reduction in the price retailers pay for fuel. If they were to pass on more of these savings we would see both petrol and diesel heading back towards the six-year low average prices we saw at the beginning of the year.”
“The average price of petrol currently stands at 109.21p and diesel at 110.96p, just a few pence above those seen in early February this year which were the lowest average prices seen for six years – 106.9p for petrol and 113.29p for diesel.”