Costs of fuel continues to fall

FUEL prices are continuing to fall across the county as leading retailers continue to cut the price of petrol and diesel following recent falls in oil prices.

Neil Puffett

FUEL prices are continuing to fall across the county as leading retailers continue to cut the price of petrol and diesel following recent falls in oil prices.

World oil prices are gradually falling due to waning demand for crude outweighing concerns of dwindling supplies.

Retailers are now passing on the reduced cost to customers through reduced prices at the pump.

The cost of a litre of unleaded has dropped to 108.9 at several stations across the area, a fall of two pence from the lowest price this time last week.

Meanwhile the lowest price for a litre of diesel has also dropped two pence - from 122.9 last week to 120.9 today.

Ashton Berkhauer, insurance expert at comparison website uSwitch.com, said he felt the latest round of reductions was triggered by a two pence cut at the pumps by supermarket chain Morrisons.

He said: “This is welcome news for motorists as all of the 'Big Four' supermarket chains, which represent 38 per cent of all fuel sales, have now cut petrol prices.

“Asda has dropped unleaded fuel costs for the second time to match Morrisons, while Tesco, with the most supermarket fuel courts, has pledged to match the cheapest petrol price in each local area.

“With oil prices beginning to fall, it is good to see these major retail players passing on savings to their consumers but are they doing enough to combat the 14pc fuel price increase we have already felt this year?"

Despite welcoming the drop, motoring group the AA reckons retailers can afford to pass on further reductions to customers.