Asda and Morrisons have started the first round of petrol price cuts, reducing the price per litre by 3p and 4p respectively. Tesco and Sainsburys are sure to follow, with BP also looking to cut prices.

The news comes after several consective days decreases in the cost of a barrel of oil. In mid-July oil peaked at $147 per barrel. This has reduced to around $132 a barrel. Edmund King, of the AA said that wholesale prices had fallen around 6% over the same period and added “The AA expects fuel suppliers to pass on, not pocket, the saving for the good of UK families, hauliers and the economy.”

Cuts in fuel prices is the first bit of good news that consumers have had in a while so lets be grateful for it while it lasts.

Tags: aa, asda, bp, morrisons, sainsburys, tesco

This entry was posted on Tuesday, July 22nd, 2008 at 12:09 pm and is filed under Economy, Watch the Pennies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.