Supermarket titans such as Asda, Sainsbury’s, and Morrisons are all reducing the prices of fuel after heightening pressure to pass a reduction in the wholesale prices onto the customers.
The retailers revealed a reduction in the price of diesel fuel by up to 2p per litre and unleaded fuel by up to 3p per litre.
Despite the decline of wholesale costs by roughly 2.5p per litre since the 24th of May, there has been a constant increase in the prices of fuels at the pump since late April.
The decline in the prices for consumers was welcomed by Rod Dennis, a RAC spokesperson.
He stated: “At last, retailers have done the right thing and started to cut prices at the pumps. From our data, we could see no justification for them holding on to savings that they have been benefiting from for three weeks.”
Dennis continued: “With petrol prices rising at their fastest rate in 18 years last month, millions of households and businesses will have been feeling the effect of having to spend more on what is an essential purchase for many. Today’s cuts should bring some welcome relief.”
The increasing output from Russia, along with the increased drilling of the United States of America and a possible end to the restriction of the Organization of the Petroleum Exporting Countries (Opec) on production, are fundamentally some of the main factor for the reduced costs in wholesale oil.
Roger Burnley, the chief executive of Asda, stated: “We know that the cost of living is centre of mind for our customers and we will always do whatever we can to reduce that burden.”
On the other hand, the services director of Morrisons, Jamie Winter, stated: “We’re passing on savings resulting from falling oil prices and keeping our fuel prices far below the UK average.”