Supermarket giants Asda have revealed that they will slash 3p per litre from the cost of fuel starting tomorrow. This follows months of gradual price drops by the commercial property chain, in an attempt to encourage motorists back to their forecourts.
According to Asda, the drop in global oil prices has been significant enough that the retailer now feels confident enough to pass these savings on to the customers of its 195 UK commercial properties. As a result of the price drop, fuel will now retail at no more than 129.7p per litre for unleaded, while diesel will cost no more than 134.7p per litre.
Asda’s director of petrol trading, Andy Peake, says; “Motorists will be pleased to know fuel is now at the lowest price in over a year as prices have fallen 11p since their peak in April.
“Unlike other retailers, our price cuts benefit everyone across the country, meaning that no-one filling up at Asda will be forced to pay a premium for their fuel.”
Not to be outdone, rival commercial property supermarket chain Sainsbury’s have confirmed that they will be matching Asda’s price drop on fuel, also cutting costs by up to 3 pence per litre.
A spokesman for the chain says; “From tomorrow we will be cutting petrol and diesel prices in our petrol stations by up to 3p per litre.
“Sainsbury’s is committed to delivering great value and helping customers cut down on cost wherever possible.”
Both supermarket commercial property chains are the first to act following Transport Secretary Justine Greening’s ultimatum to fuel companies to lower prices. She accused large chains of “profiteering”, raising fuel prices at commercial property forecourts when global oil prices rose, but then failing to lower them again as prices dropped.
In a bid to prevent this, she challenged commercial property fuel companies to come up with their own codes of conduct where fuel prices were involved, stating that should companies fail to act upon her warning, Government legislation would be introduced to enforce fair prices for motorists.
