Motorists cash in as fuel pump prices hit three-year low

Three year low for pump prices

Motorists arriving at Moray fuel forecourts today are set to be welcomed by the lowest fuel prices in over three years.

Weaker global demand for oil has seen prices at the pumps fall in recent months – and that is set to continue with Asda and Sainsbury’s cutting the price of diesel by 2p a litre from today and petrol by 1p a litre.

The UK’s largest petrol retailer, Tesco, will also match the price cut at most of their outlets – leaving motorists facing prices that Asda say should be no greater than 123.7p for unleaded at any of their forecourts.

Petrol trading director for the national store, Andy Peake, said: “We are giving drivers the opportunity to fill up their cars with some of the cheapest fuel prices in the market for years.

“No matter where customers live they will benefit from the same fuel price with our national price cap.”

Motoring organisation the AA say that filling an average car with unleaded fuel is now costing around £2.50 less than it did a year ago.

AA president Edmund King said: “The main reasons for the drop in prices are global supply and demand plus supermarket discounting in the UK. To put it crudely, we are swimming in oil.

“Drivers have not seen such prices since 2011 – but oil prices are still volatile and more global unrest can just as easily send the price spiralling again.”

Leave a comment