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Petrol price battle sees another 2p cut by supermarket giants, with Morrisons leading the way

Petrol price battle sees another 2p cut by supermarket giants, with Morrisons leading the way

By Sean Poulter, Consumer Affairs Editor

PUBLISHED: 19:56 EST, 14 May 2012 | UPDATED: 21:30 EST, 14 May 2012

Petrol prices are to be cut by another 2p a litre as supermarkets battle for customers and the global financial crisis drives down the cost of crude oil.

Morrisons will be making the move from tomorrow, with Asda, Tesco and Sainsbury’s, together with the mainstream suppliers, expected to follow suit.

It means petrol prices will have come down by 7p a litre over the past four weeks â€" a saving of about 32p a gallon.

Reason to smile: Customers are set to benefit from a fall in petrol prices

Reason to smile: Customers are set to benefit from a fall in petrol prices

The cost of filling a typical 50-litre tank is down by around £3.50 compared to the record prices reached in April.

The news will offer some respite to motorists, but it will also be good news for inflation, as high transport costs are the key factor that has kept prices of food and other goods rising faster than earnings for four years in a row.

Nationally, the average unleaded petrol price hit a record high last month of 142.48p a litre for unleaded and 147.88p for diesel.

Yesterday, oil prices dropped to a five-month low of about $94 a barrel due to concerns that China’s economy, the world’s second-largest, is slowing faster than expected, as well as speculation that Greece could drop out of the euro.

The AA motoring organisation has been calling for ‘dramatic’ petrol price cuts to reflect the fall in the cost of crude oil.

It said the cost of wholesale petrol across northern Europe has dropped by the equivalent of 10p a litre since last month but that this has not been reflected on most forecourts.

Edmund King, the AA’s president, said: ‘It took 12 days for the peak European wholesale price to be reflected in a new record for petrol prices in the UK.

A welcome sight: The average unleaded petrol price hit a record high last month of 142.48p a litre for unleaded and 147.88p for diesel

A welcome sight: The average unleaded petrol price hit a record high last month of 142.48p a litre for unleaded and 147.88p for diesel

'It shouldn’t take much longer for dramatic falls in the cost of fuel to be reflected at the pumps.’

Mark Todd from Morrisons said: ‘After seeing continued reductions in the price of oil we are

taking the opportunity to bring down prices at the petrol pump.’

While the latest price cuts will be welcome, a huge slice of the reduction could soon be wiped out by the Chancellor, George Osborne, who plans to raise fuel duty by 3p per litre in August, despite protests from drivers and businesses.

Here's what other readers have said. Why not add your thoughts, or debate this issue live on our message boards.

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Morrisons are dropping the price of fuel with Asda set to follow. Asda is already 4p a litre cheaper than morrisons today.- marion , stowmarket, 15/5/2012 07:36

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Are you reading this Tesco Huntingdon or do you intend to carry on selling at 5p per litre more than Morrisons?

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I'm still waiting for these big so called cuts in my Supermarkets in the Tonbridge/ Sevenoaks area

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Morrisons are dropping the price of fuel with Asda set to follow. Asda is already 4p a litre cheaper than morrisons today.

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Hmmm Morrisons seem to be doing that which the Government will not ! Top Marks.

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It's a shame the goverment wont do the same.

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