Too little, too late says RAC as supermarkets cut fuel prices
- Credit: PA
Four of the UK's largest supermarkets have dropped the price of fuel by as much as 3p per litre but RAC says more can still be done.
Four of Britain's supermarkets have cut their fuel prices by as much as 3p per litre following calls from MPs for fuel duty to be slashed in the upcoming Autumn Statement.
Asda announced that customers would pay no more than 110.7p for a litre of unleaded petrol at any of its filling stations nationwide. It also cut the price of diesel by up to 2p per litre, to a maximum of 112.7p per litre.
Tesco, Sainsbury's and Morrisons all announced a similar drop in prices, cutting the price of unleaded by up to 3p per litre.
Responding to the cuts, RAC fuel spokesman Simon Williams said: 'While this level of cut is clearly good news it has come far too late, as the wholesale price of fuel has been falling since the end of October when the oil price began to fall again.
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'Retailers should have reduced their prices then rather than making one bigger headline-grabbing cut now. The RAC called for a cut last week so it's a case of better late than never.'
Mr Williams went on to explain that the first two weeks of November prove the existence of the 'rocket and feather' principle – the effect that sees fuel prices rise quickly but fall slowly.
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'This is a great shame as retailers previously had a good record of lowering their prices in response to wholesale cost savings,' he said.
'This will sadly undermine motorists' trust in fuel retailers and it's hard not to see it as them taking advantage of the current climate which has led people to think that higher fuel prices are an inevitability simply because of the weaker pound and talk of the rising cost of goods.'
He added that there was further scope to cut pump prices, as the RAC Fuel Watch showed the national average price of petrol should fall to around 110p per litre, rather than sit around its current value of 116.68p.