Asda is slashing petrol and diesel prices for the second time this week.
The supermarket announced it will cut its petrol prices by 5p and diesel by 3p at all of its UK stations. This comes on the back of a 4p cut for both petrol and diesel earlier in the week.
This means that over the week it has chopped unleaded prices by 9p and diesel prices by 7p. Motorists will now be paying on average £1.74 per litre for unleaded and £1.85 for a litre of diesel at Asda petrol stations.
This comes as petrol prices have skyrocketed over the past weeks, with industry experts criticising providers for not passing on the wholesale savings that they are making. The highest price for petrol across the UK was recorded at 212.9p per litre and 218.9p per litre for diesel.
Prices appear to be coming back down for now, with industry experts praising the supermarket for their price drop, reports the Express.
Commenting on the move, Luke Bosdet, AA’s fuel price spokesperson, said it was good news for drivers. He added: “Asda’s price move is impressive, in effect cutting 10p a litre off the UK average price of petrol.
“That’s potentially a fiver off a tank for those filling up this weekend, compared to the artificially-high prices on too many major retailer forecourts and in too many towns. First, it was a few dozen small independent forecourts showing up the big boys.
“Now, Asda has called them out with on average a fiver off the cost of a tank of petrol. Latest UK pump price averages have petrol at 184.50p a litre (27 July).”
Record pump prices in early July led to 64 percent of drivers cutting back on car use, other consumer spending or both to afford to keep their cars running.
In November, when petrol was around 45p a litre cheaper, it was 43 percent. Those cutting back on other non-fuel spending to compensate for high forecourt prices has risen from 12 percent to 20 percent.
RAC fuel spokesman Simon Williams said: "This is great news for drivers as it will certainly encourage other retailers around the country to cut their prices."
He did, however, acknowledge that it was “too late” for motorists who have not seen prices reduced at the pumps.
This is despite the wholesale price of petrol falling for the past seven weeks. There are still calls from many industry experts for a further cut to fuel duty to help drivers manage the cost of living crisis.
The then-Chancellor Rishi Sunak announced a reduction of five pence to fuel duty during his Spring Statement. However, this did little to lower prices, with prices of petrol and diesel soon rising again.
Drivers saw the all-time peak prices at the beginning of July, with petrol reaching 191p per litre and diesel just 1p short of hitting the £2 mark. Nadhim Zahawi, the current Chancellor, has said “nothing is off the table”, with many looking at his Autumn Budget as the chance to cut it further.
Morrisons have also announced further price cuts to be unveiled today.
Do you think the price drops go far enough? Let us know in the comments.
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