Petrol prices 'set to tumble'

17-08-2006

Price reductions in petrol sold by supermarkets could spark a wider decrease in fuel prices across the country, it has been suggested.

Grocery market leader Tesco and rival Asda, who have announced that they are cutting their prices following falls in wholesale costs, could mean extremely good news for motorists.

While Asda has said it will knock up to four pence off a litre of fuel, equivalent to 18 pence off a gallon, Tesco has said it will lower its prices by two pence per litre.

"We are fully committed to giving our customers great value on fuel," a spokesman for Tesco said.

"Everyone knows that oil prices have recently been very high but this shows we are determined to bring prices down quickly for customers as soon as the wholesale cost of fuel falls."

Meanwhile Asda said that reductions in the price of both crude oil and refined products meant it could pass on cost savings to customers.

"While the oil market remains volatile, the end of the US motoring season has reduced demand which has in turn led to lower market costs," Andy Brem, trading director of Asda, explained.

"While these may prove to be short-term, we have an obligation to pass on cost savings to our customers whenever they occur. Our advice, as always, is to check the price at the pump - this reduction proves it pays to shop around."

Unleaded petrol will cost 93.9p per litre and diesel will cost 95.9p at Asda, while Tesco prices will depend upon the region in which they are sold.


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