Motorists are in for a treat after Asda slashed its fuel prices by 4p following a drop in wholesale costs.
Drivers might want to reconsider where they fill up this weekend after the supermarket chain cut fuel prices across all its forecourts today.
Pump prices could come down by at least 6p per litre for petrol and 3p per litre for diesel if all retailers lower their prices.
Here is a roundup of where you can find Asda petrol and Express pumps in London.
Map shows Asda petrol stations in London
While changes in fuel prices are only counted in pennies,the money spent at the pump adds up over time, compounded by the high cost of living gripping the UK.
The latest move by Asda comes after motorists have faced rising fuel prices for the past five months, analysis by the RAC shows.
How much fuel costs in the UK now
A litre of petrol in the UK costs 138.6p and 145.8p per litre for diesel.
Asda
Asda said today’s cut means the average price at its forecourts are 132.0p per litre for petrol and 137.6p per litre for diesel.
Other major supermarkets are yet to announce cuts, so here are their current average prices according to latest figures from the RAC.
Morrisons
Petrol costs 136.1ppl and diesel 143.2ppl on average earlier today.
Sainsbury’s
Petrol costs 136.2ppl and diesel is 142.9p on average.
Tesco
A litre of petrol costs 134.7p on average, while diesel is 140.5p per litre.
Prices for consumers are finally shifting after the wholesale cost of fuel supply fell following changes in the cost of a barrel of crude oil, which is one key factor for petrol pump prices.
However, the savings don’t magically trickle down to the customers as it is up to the retailers to pass on the savings.
RAC’s head of policy Simon Williams said: ‘Drivers have had to endure five months of rising prices, so it’s good news wholesale prices have fallen significantly, and forecourt totem signs should soon be reflecting this.’
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He welcomed Asda ‘leading the way once again with a serious price cut on its forecourts.’
‘This should spark others into action and help bring down costs for drivers right across the country,’ he added.
What will other fuel retailers do?
Other retailers could follow suit soon with their prices.
‘We expect retailers to start to cut prices this week as more buy in new supply at lower prices. As long as the cost of a barrel of crude oil stays around the $70-mark we believe there’s a chance drivers could see petrol heading back down towards 130p a litre,’ the expert said previously.
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