Supermarkets set to cut petrol prices – Asda sparks petrol price war with Tesco and Morrison’s to follow suit

petrol station fuel pumps

Asda have sparked a supermarket petrol price war by slashing prices on their forecourts – and Tesco and Morrison’s have followed suit

Asda fired the first shots in the battle to offer the cheapest petrol by reducing the cost of petrol by 2p a litre, which means their price for unleaded will be just 114.7p tomorrow (Tuesday 14 March 2017) – 5.3p less than the national average of 120p.

The price of diesel will also fall to well below the national average, costing just 116.7p from tomorrow at Asda forecourts across the country.

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Filling up the tank is set to cost less from tomorrow

Asda’s head of petrol trading Dave Tyrer said: “Asda is once again leading the way in reducing the price at the pumps to help the millions of motorists across the UK.

“Our new national price cap will be welcomed by the millions of drivers who have seen fuel prices climb over the last 12 months”.

Morrison’s was the first major supermarket to follow Asda’s lead and announced they would match the 2p per litre price reduction. Tesco then entered the argument with their own announcement that they would be reducing the price of petrol by 2p per litre.

A Tesco spokesperson said: “We know that low fuel prices are important to our customers so to provide a little extra help, we’re cutting the cost of petrol and diesel.”

The RAC said the growing price war between the supermarket giants was welcome news for drivers, who have been feeling the squeeze of high petrol prices and rising insurance costs over recent years. The RAC fuel spokesman Simon Williams said: “This is the perfect Spring gift for motorists to go with longer days and warmer weather.

“While this cut may come as a surprise to drivers as prices at the pump have been going the wrong way for months, it is has been on the cards for a couple of weeks – we’re very relieved retailers have acted without any need for outside encouragement.”

Drop in petrol wholesale prices spark price war

The petrol price cut comes as the wholesale price of petrol has dropped by an average of 2p per litre in the past month, with the price of a barrel of oil dropping from $55 to just under $52.

Commenting on the drop, AA spokesman Luke Bosdet said: “Falling wholesale prices should shake up petrol pump prices.

“Asda has knocked tuppence off pump prices, reflecting their usual competitiveness, but that can’t be taken for granted with the other supermarkets.”

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