Filed under: Latest News
PA
The leading four supermarkets - Asda, Tesco, Sainsbury's and Morrisons - have all announced they are to reduce fuel prices by 2p per litre on Saturday.
Asda has already stated it is to cap petrol prices nationwide at 131.7p, with diesel being capped at 135.7p per litre.
Recent weeks have already seen fluctuations in forecourt prices, with supermarket pricing and a reduction in wholesale fuel costs causing the drop in pump prices.
The average price of a litre of petrol is now 136.89p, some 3.02p lower than a month ago. Diesel prices have fallen too, with the current average of 141.76p per litre some 4.62p cheaper than last month.
The AA estimates that the average price of petrol could drop to 134p per litre in coming weeks, due to the fall in wholesale prices.
The cheapest petrol is currently to be found in London, with the average price of a litre at 136.1p.
Currently, Northern drivers are enjoying the cheapest diesel, with the average price per litre in Yorkshire and Humberside at 140.8p.
Northern Irish drivers on the other hand are dealt the worst hand, having the most expensive petrol and diesel, at 137.8p and 142.8p per litre respectively.
AA president Edmund King said: "Last April UK petrol consumption fell. In October it did the same.
"And in February the UK sold the lowest volume of petrol in 23 years of recording.
"In the past 12 months, oil and fuel price speculation has swung back and forth through the fuel market like a wrecking ball, smashing family budgets, pulverising fuel demand, and rocking the foundations of fuel retailer and other business viability."
He went on to blame the price volatility on trader speculation, though did concede that the fall in prices was a welcome respite for motorists.