Tesco, Morrisons and Asda slash petrol prices by 12p
Tesco, Asda and Morrisons have cut up to 12p per litre off the price of their fuel in what is thought to be the single biggest reductions by either retailer.
The supermarkets have reduced unleaded petrol prices by 12p per litre and taken 8p per litre off the price of diesel in the wake of plummeting wholesale oil prices caused by the coronavirus pandemic.
Morrisons said the reductions were the “biggest in recent times”.
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Asda said that the cuts would mean drivers pay no more than 102p per litre for petrol and no more than 108ppl for diesel at any of its 300+ forecourts.
On average, the reductions should bring supermarket fuel down to around 104ppl for unleaded and 111ppl for diesel.
Supermarket rival Sainsbury’s is yet to confirm if it will introduce similar reductions but generally all four chains mirror each others' moves on fuel prices.
The move comes after plummeting global demand saw wholesale oil prices drop to an 18-year low.
RAC fuel spokesman Simon Williams said: “These unprecedented times are leading to unprecedented price cuts on fuel – the largest single cut from a retailer we’ve ever seen. The price of oil has fallen so far that it was inevitable that pump prices would eventually follow suit.
“These savings will directly benefit those people who continue to rely on their vehicles for essential journeys. It is vital, however, that drivers heed government advice and only travel if it absolutely needed.
“Drivers can expect to see petrol sold at supermarket forecourts for around 104p per litre as a result of these cuts, a price last seen nearly four years ago. Diesel should drop to around 111p per litre, and it was last sold at this sort of price in July 2017.
However, Mr Williams warned that there was a “darker side” to the cuts.
He said: “Smaller independent forecourts who will already have been struggling due to a loss of trade recently will be extremely hard-pushed to reduce their prices at the present time with fewer people driving. It’s crucial they stay in business as they provide such an important service to drivers in parts of the country where the supermarkets have no footprint.
“Drivers need to take sensible precautions when filling up – follow the social distancing guidelines and use disposable gloves when handling pumps or indeed electric car charge point nozzles.”