Fuel retailers move to reduce forecourt prices

Asda, Morrisons, Sainsbury's and Tesco have all announced reductions in the price of petrol and diesel with effect from tomorrow. Asda led the cuts by reducing petrol to 126.7p a litre and diesel to 133.7p as of Wednesday 30 October.

RAC head of external affairs Pete Williams said: "Motorists should be pleased that fuel retailers have acted so swiftly in lowering prices at the pumps following a reduction in wholesale prices. The wholesale price of petrol is now at a year-low of around one pound a litre whereas the diesel price is unfortunately still several pence a litre away from its low point in early May (104.87p).

"The RAC began calling for lower fuel prices in mid-September when wholesale fuel prices began to fall. Fuel retailers responded by taking 6p off petrol and 4p off diesel, demonstrating industry transparency. The new cuts will hopefully bring average petrol prices down to around 129p a litre and diesel to 137p a litre in the next few weeks.

"Motorists are telling us that they are struggling to make ends meet so every penny saved at the pump will help families meet the spiralling household bills at a time when they are starting to think ahead to Christmas."