Asda cuts petrol prices for the third time since January 2020
Asda has cut fuel prices for the third time this year, saving drivers 2p a litre of unleaded petrol or diesel.
Filling up at any of Asda's 322 petrol stations will cost no more than 114.7p per litre on unleaded and 116.7p per litre on diesel.
Since January this year, Asda has cut fuel by 11p a litre.
The latest price cut takes prices at the pump down to their lowest level since November 2017.
Dave Tyrer, Asda senior fuel buyer, says: “Once again we’re pleased to be passing on wholesale cost reductions to customers.
"It will be a welcomed boost, especially to diesel drivers who are seeing some of the lowest fuel prices since 2017.
"Anybody filling up at Asda will pay no more than 114.7p a litre on unleaded and 116.7p a litre on diesel regardless of where they live.”
Supermarkets should cut petrol costs further
Asda's petrol price cuts follow an announcement from the RAC which suggested that petrol prices in the UK should fall by 10p a litre in the coming weeks.
This is due to the wholesale cost of oil falling to a four-year low as a result of coronavirus fears and Saudi Arabia starting a price war with Russia.
Despite Asda making some reductions at the pump, the motoring group believes supermarkets should go further with passing on fuel savings to customers.
Simon Williams, a spokesperson at the RAC, says: “We hope other retailers large and small follow Asda’s lead by trimming their prices and delivering good value to UK drivers.
“But despite these headline-grabbing price reductions, it remains the case that the wholesale price of both petrol and diesel has fallen so far that we really should be seeing far deeper cuts at the pumps.
"We believe there is scope for a further 7p to 8p to come off the price of both fuels over the next fortnight – so we will be keeping a close eye on what the supermarkets do in the coming days.
“The market is awash with oil, with the fall in demand brought about by the coronavirus outbreak and new tensions between Saudi Arabia and Russia.
"Collaboration between Russia and OPEC, of which Saudi Arabia is a key member, on the quantities of oil produced had helped to prop up the oil price in the last few years, but with the apparent end of their pact it is difficult to see oil prices rising very much in the next few weeks.
“Clearly, with all the current volatility this is no time for the Chancellor to consider a hike in fuel duty at tomorrow’s Budget.”
How to cut your car fuel costs
The cost of filling up your car can fluctuate depending on a variety of factors. These tips can help you cut the price you pay for fuel all year round.
1. Shop around
Shopping around for the best petrol prices will help you cut the cost of your fuelling bill.
Websites like PetrolPrices.com are a quick and easy way compare prices at petrol stations in your local area.
If your cheapest petrol station is quite far away from you then it's worth considering whether driving that distance could end up eating into the money you save at the pump.
MoneySuperMarket has a handy fuel cost calculator which lets you compare how far you should travel for cheaper fuel.
2. Use loyalty schemes
Loyalty card schemes can help you cut the cost of what you pay at the pump.
Supermarkets Morrisons, Sainsburys and Tesco all offer schemes which allow you to earn points while you shop which can be used to pay for fuel.
BP, Shell and Texaco also offer their own loyalty schemes which could help you save on fuel costs once you've collected enough points.
3. Drive more efficiently
Making adjustments to the way you drive can also help reduce the amount of fuel you use.
For example, it's best to avoid heavy acceleration, excessive speeding and harsh braking.
Using the wrong gear and straining your car's engine also uses more fuel than is necessary.