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Petrol prices set to drop today

Asda is cutting its fuel prices.

Asda is cutting its fuel prices.

Supermarket Asda is cutting its fuel prices to motorists today, along with two other major retailers.

Late-summer driving will be less expensive with Sainsbury’s and Tesco joining Asda in reducing the cost of their petrol and diesel by 2p a litre.

In Asda’s case, the reduction means its customers will pay no more than 126.7p a litre for petrol, with diesel being 129.7p a litre - its lowest price since January 2011.

Asda said a strengthening pound against the dollar had been the key driver behind the cuts.

RAC spokesman Simon Williams said: “The combination of the strengthening pound and the fact that tensions in both Ukraine and Iraq have not caused supply issues means wholesale prices have begun to ease again.

“The impact of the shale oil extraction in the US is also causing global oil prices to reduce due to more product becoming available in the market, which in turn reduces reliance on importing oil from the Middle East.

“But falling wholesale prices don’t always lead to cheaper forecourt prices so it’s good news for motorists that this reduction is being passed on so quickly at the pumps. Cheaper fuel is good for individual motorists, businesses and the economy.”

The AA said average UK petrol prices fell to 131.12p a litre, with diesel down to 135.38p this weekend.

AA spokesman Luke Bosdet said fuel price falls in some areas could be slow: “We fear a return to the postcode lottery pricing that blighted the UK last summer. However, many drivers will simply slot back into the old routine of waiting until they pass through a cheaper town and fill up there.”

 

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