Asda has trimmed the cost of fuel at its 319 forecourts across the UK for the fourth time in as many weeks.
The supermarket chain has promised the cut 1p a litre off unleaded and 2p off diesel in response to falling wholesale prices for both fuels.
Just last week the store was the first of the big four supermarket fuel retailers to slash 3p off the price of both fuels, sparking similar cuts by its competitors.
Fourth fuel cut in four weeks: Asda has lopped another 1p off the price of petrol and 2p off a litre of diesel from Friday
Asda’s announcement to yet again reduce fuel prices means drivers will pay no more than 118.7p for a litre of unleaded and 129.7p for diesel at any of its fuel stations.
The reduction means diesel has fallen below £1.30 per litre for the first time in three months following 19 consecutive months of increasing costs for drivers of diesel cars.
According to the latest fuel price data, the supermarket will be offering substantial savings on the rest of the market.
The RAC’s Fuel Watch figures show the average cost of petrol across the country on Wednesday was 126.8p and diesel was 135.6p.
That means drivers are saving over 8p a litre of unleaded and 5p on diesel if they fill up at Asda today.
Based on an average-size family car with a 55-litre tank, that works out at a £4.40 saving if you brim your vehicle with petrol and £2.75 if you fill up with diesel.
The company’s senior fuel buyer, Dave Tyrer, said: ‘Further decreases in the wholesale market mean we are able to reduce our prices again, with Asda’s unleaded price dropped by up to 9p per litre since the end of October, and now we’re seeing the diesel price drop below £1.30 for the first time in three months.’
Morrisons, Sainsbury’s and Tesco are likely to follow suit with Asda, which has tagged the reductions onto the back of Black Friday deals across other departments.
The supermarket was the first to cut fuel prices by 3p a litre last week, sparking competitors to do the same
The reductions are in response to falling wholesale prices. For diesel drivers, this is the first time the fuel has fallen below £1.30 a litre for three months
RAC fuel spokesperson Simon Williams said it was great to see motorists benefiting from more reductions but added: ‘we now need to be followed swiftly by other retailers so the UK average price comes down’.
‘After so much of 2018 being characterised by rising fuel prices, it’s heartening to see prices falling just as we enter the expensive festive period,’ he added.
The RAC has consistently been calling for fuel retailers to reduce pump prices with more urgency, claiming they are happy to inflate forecourt charges when wholesale rise but delay reductions when they fall.
The failure to correlate pump prices with wholesale falls has ultimately hit motorists’ pockets.
Over the past six months, the cost of filling up a typical 55-litre family car that runs on petrol or diesel has risen by around £6.
Williams said: ‘While this is obviously good needs, it’s disappointing that it has not come sooner as the wholesale price of petrol has been falling for weeks.’
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