Petrol and diesel prices cut by supermarkets

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Fuel prices are falling across the UK as suppliers compete to attract customers.

The price cuts are being led by the supermarkets, after Morrisons reduce its diesel price by 2p a litre and petrol by 1p. This was matched by rivals Sainsbury's and Tesco, while Asda declined to join in the price war, declaring that it "consistently offers drivers the lowest fuel prices nationwide".

RAC fuel spokesman Simon Williams welcomed the reduction in pump prices but claimed that it was "long overdue" and there is scope for further reductions.

"Our April Fuel Watch figures indicate that prices should be coming down as we saw the wholesale price of petrol and diesel fall during last month by around 3p a litre," Williams said.

"Motorists need to be able to trust retailers to be transparent when they are benefiting from significant savings in the wholesale price," he added.

In April, pump prices rose by more than 1p but a fall in the oil price from a mid-month high of $55 to a low of $49.41 on Thursday 27 April meant that the wholesale price of petrol ended April 3.5p lower than it started. The wholesale price of diesel finished the month 2.5p cheaper, the RAC said.

"The combination of a lower oil price and a 4% rise in the value of the pound has made it far cheaper for retailers to buy in their fuel," Williams explained.

At the end of April the average price of a litre of unleaded petrol was 118.85p and diesel was 120.53p a litre, compared with average supermarket prices of 115.72p for unleaded and 117.56p for diesel.

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