Today marks the start of a petrol price war between two of Britain’s biggest supermarkets, Asda and Morrisons.
Asda has slashed up to 3p a litre off the price of unleaded and diesel today in all of its 203 stores across the UK. This means that petrol now costs 135.7p a litre and diesel costs 139.7p a litre in all Asda stores.
In response, Morrisons has also made a 3p/litre deduction off its price of fuel and it’s likely that other major supermarkets, Tesco and Sainsbury’s, are likely to follow suit.
It’s certain that motorists will praise the sudden petrol price war.
Asda’s petrol trading director, Andy Peake, said: “We always aim to be the first retailer in each part of the country to drop prices when costs are falling and the last to put them up.”
According to a report, “In April petrol reached a record high of an average of 142.5p a litre and diesel also reached a record level of 149p a litre. Prices fell back in the weeks afterwards but have subsequently risen over the last six weeks to get close to the highs seen in the spring.”
Reports claim that price cuts might also boost spending in stores. Asda has revealed that since 2008 its Income Tracker report had “shown the huge impact high fuel prices have on the average family’s monthly budget.”