Asda cuts spark supermarket petrol price war
Asda has announced plans to slash up to 3p off its petrol prices. The UK's second biggest supermarket said it will cap unleaded prices at 135.7p and diesel prices at 139.7p.
Its rivals quickly followed suit, with Morrisons pledging to cut prices by up to 3p per litre and Tesco also announcing a price cut.
A Tesco spokesman said: "Tesco is dropping fuel prices by up to 3p per litre today. As Britain's biggest petrol retailer with 490 forecourts, more motorists will make savings at the pumps at Tesco than at any other fuel retailer."
The price cuts came after the price of Brent crude oil fell by 6% to around 110 US dollars per barrel.
Despite the falling cost of oil, drivers have continued to face high prices at the pumps, highlighting the importance of saving money on other essentials such as insurance and breakdown cover.
The Office of Fair Trading has announced a review into whether motorists are benefiting from the reductions in the price of crude oil, and whether supermarkets and major oil companies are making it harder for independent retailers to compete.
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