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Supermarkets cut petrol prices
Tuesday, 22 Jul 2008 09:38
Asda is one of the supermarkets cutting petrol prices in response to oil price drops
Asda, Morrisons and Sainsbury are to cut their petrol prices as the value of oil begins to fall.
Sainsbury said it was cutting its fuel prices by 5p a litre for those spending over £50, while Asda and Morrisons are cutting their petrol prices by 3p and 4p respectively.
The move is in response to oil prices falling from a $147 a barrel peak to $130.
Asda trading director, David Miles said: "We are seeing a more stable reduction in oil prices allowing us to pass on the savings to customers.
"We urge other retailers to follow our lead at a time when customers need as much help as possible."
At Asda, the price of petrol and diesel will fall to 113.9p and 128.9p at all its forecourts.
Sainsbury claims its promotion – which is lasting for two weeks – was not a response to others cutting their prices and the supermarket will continue to price competitively where it faces competition from rivals.
Customers at Morrisons will also see a reduction of 4p per litre to an average of 113.9p.
Ashton Berkhauer, insurance expert at uSwitch.com, said the move by Asda would reduce the cost of filling a tank by £3.14.
"With average petrol prices in the UK currently standing at 119.5p per litre, British motorists are already facing crippling annual fuel bills of £1,760, forking out an average of £67 every time they fill up their tank," he said.
"This is a 23 per cent increase on last year when a full tank of petrol set consumers back £49 or 87.9p per litre.”
Last week's AA Fuel Price report showed petrol prices rose 1.5p from mid-June to mid-July, compared with 7p rises in the previous month.
It found average petrol prices were at 119.5p a litre and diesel prices were at 133.1p.
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