New plans unveiled by Tesco and Morrisons have revealed that they intend to cut petrol prices by up to 2p a litre.
Unleaded fuel is set to fall to a new national price cap of 114.7p per litre and diesel will drop to 116.7ppl.
These new prices should come into action today. The cuts are the first on the forecourt since November last year. The new plans come in just after the Chancellors kept the fuel duty frozen in the yearly Budget.
Recent reports have claimed that petrol prices have leapt by nearly 17 percent in the past year alone.
The price increase follows the higher oil prices. Brent crude has plunged in recent weeks and has now hit a three-month low.
These new cuts come in as a bumper boost for the Treasury as inflation is set to rise back towards the Bank of England’s two per cent target.
Economists have predicted that households will begin to feel the pinch of Brexit as food bills are set to soar this year.
Dave Tyrer, Asda’s head of petrol trading, has explained: “Today’s latest move shows that Asda is once again leading the way in reducing the price at the pumps to help millions of motorists across the UK.”
Whilst Roger Fogg, Morrisons services director, said: “We will always aim to drop prices as soon as we can and always keep them far below the UK average.”
And a spokesperson from Tesco commented: “We know that low fuel prices are important to our customers so to provide a little extra help, we’re cutting the cost of petrol and diesel by up to 2ppl at all of our 500 filling stations.”
The proposed changes in fuel pricing will save motorists around £1 per tank. A 2p cut translates to saving of £1.10 when filling up a standard 55-litre car.
Tips to improve your fuel efficiency
- Essentials– Make sure your tyres are inflated, take off any roof racks (when not in use), empty your car of random clutter and turn off your air con!
- Find the cheapest petrol prices! Use sites like PetrolPrices.com, sites like these provide you with the cheapest fuel nearby. All you need to add in is your postcode and hey presto!
- Drive more efficiently! Make sure you accelerate gradually without over-revving. Always drive in the highest gear possible. If you can, allow the car to slow down naturally as your break burns fuel. Also re-starting your car can be expensive, so try to keep it moving.