Yesterday Think Insurance brought you the news that despite recent drops in crude oil prices, motorists were unlikely to see any savings at the forecourts.
However, good news comes today as Asda and Morrisons step up to the plate and announce reductions in pump prices to help motorists in the UK save money when filling up.
Other than the 1p per litre reduction we saw implemented following the recent budget, this will be the first reduction made by petrol retailers for nearly a year.
Morrisons were the first to announce the cuts yesterday, confirming that their prices will come down by 1p per litre for petrol and 4p per litre for diesel. Asda quickly followed in their footsteps offering the same deal.
More good news followed when Tesco jumped on the bandwagon and confirmed many of its stores will also be reducing petrol and diesel prices across the country.
Many motoring groups were sceptical we would see the savings following the drop in oil prices, but the supermarket chains seem to be keen to share the benefit. Mark Todd from Morrisons explains “Wholesale fuel prices are coming down and at Morrisons we always want to pass on savings as soon as we can”.
Asda have pledged that prices will not exceed £1.35 for petrol and £1.36 for diesel. Andy Peake, Asda commented, “As world oil prices have fallen over recent days, we’ve moved quickly to pass those savings on”.
Although motorists can take some comfort from the supermarkets lowering petrol prices, the reality is petrol prices are still more expensive now, than they were before the budget. Motorists are still paying record prices to fill up.
Think Insurance, the specialist motor trader insurance provider, were thrilled to hear the announcements from the supermarket chains. We hope all petrol retailers follow suit and drop their prices to reflect the savings they will undoubtedly make from the crude oil price drops.