Supermarkets kick off petrol price drop wars
TWO of the UK’s top four supermarkets have said they will cut fuel prices from today, passing on savings to customers as the cost of wholesale oil continues to fall.
Sainsbury’s and Morrisons – the third and fourth biggest supermarkets by market share respectively – both confirmed yesterday they will cut petrol prices by up to 2p per litre.
“The continued bad news in financial markets is good news for motorists,” said Mark Todd, petrol director for Morrisons.
“After seeing continued reductions in the price of oil we are taking the opportunity to bring down prices at the petrol pump.”
The latest cuts come less than a week after Asda, Tesco and Morrisons last lowered prices, and are the third round of reductions this month. But the AA has insisted that fuel costs – with national averages at £1.39 per litre for petrol and diesel at £1.45 – are still too high, and that retailers can afford to make further cuts.
“We are doing everything we can to help our customers save money and along with the promotions we run in our stores, competitive fuel prices are a great way for us to help shoppers to meet their weekly budgets,” said a Sainbury’s spokesperson.