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UK PETROL PRICES TUMBLE - HAS A PRICE WAR BEGUN?
Petrol Prices Tumble:
Leading UK supermarket Asda has today announced that they are knocking 2p off the price of a litre of petrol, and 1p off a litre of diesel. This surprise move comes at a time when a sharp increase in costs has been observed following the devastation of hurricanes Harvey and Irma.
Following the devastation that has recently been witnessed in the Caribbean and the US - fuel prices have risen sharply due to a fall in supply. Todays announement comes as a welcome relief to UK motorists in light of recent developments.
Price War:
With Asda now taking the lead and making a significant cut to their fuel prices - the question is - will other leading supermarket chains follow their lead and slash prices. We could be on the cusp of a price war between the other 'Big Four' members - Sainsbury's, Morrisons and Tesco.
Interestingly, spokespersons for all of the above chains have announced today that they too will be introducing price reductions as of tomorrow. It's going to be a good weekend for British motorists. Maybe it's time to plan a weekend road trip!
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Tumbling Prices All-Round?
Tesco and Sainsbury's have confirmed that they intend to match Asda and reduce petrol and diesel by 2p and 1p respectively per litre. However Morrisons plan to go one further and out do all their competition. They have indicated that they will be reducing both petrol and diesel by 2p per litre. So it could be a case of 'everyone round to Morrisons' tomorrow for a fuel top up.
"A Welcome Relief"
Simon Williams, fuel spokesman for the RAC responded to todays news by saying:
"This is some very welcome relief for motorists who have suffered a 3p a litre rise in the average price of petrol since mid-August as a result of Storm Harvey hitting the U.S. Gulf Coast and disrupting refineries."
He added: "Motorists are now paying nearly 120p a litre for unleaded – the highest since March – while the average price at the big four supermarkets is 117p.
This latest cut from the supermarkets should force forecourt reductions across the country, hopefully bringing prices down by 2p a litre everywhere."
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