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Are fuel prices set to drip down? Asda cuts petrol and diesel by 2p a litre... but will others follow?

to cut prices after Asda reduced the cost of petrol and diesel by 2p a litre.

The Leeds-based supermarket giant made the reduction yesterday - bringing unleaded down to 105.7p per litre - in the wake of pressure on retailers from motoring organisations.

The AA, RAC and the FairFuelUK campaign have been calling for forecourt price cuts to reflect wholesale fuel cost reductions in recent weeks.

Andy Peake, Asda's senior director for petrol, said customers would pay no more than 106.7p per litre for diesel and 105.7p per litre on unleaded.

He said it was "...great to see that costs have dropped despite early predictions that the cost of fuel would increase following the outcome of the EU Referendum."

RAC spokesman Simon Williams said: "A 2p-a-litre cut in the price of petrol and diesel from a major supermarket is of course good news for motorists, it's just a shame it didn't come sooner.

"We wonder how long motorists would have had to wait for a decent forecourt cut had the RAC not drawn attention to the fact that wholesale fuel costs had reduced substantially in the last month.

"This price cut takes us back to a supermarket price that was last seen in early May. Hopefully other supermarkets will follow suit which will drive prices down across the country. If that happens we should see the average price of both petrol and diesel drop from around 112p a litre to 110p."

Howard Cox of FairFuelUK said he expected other supermarkets to follow suit.

"But as usual the independents will follow reluctantly as the power of the supermarkets prevail. Prices at the pumps should be at least 4p lower now," he added.

Bradford-based Morrisons reduced the price of diesel last week by 1p a litre, meaning customers pay no more than 108.9p a litre for unleaded and diesel.

Roger Fogg, spokesman for Morrisons, said: "Among post-Brexit fuel price uncertainty, we are doing all we can to hold prices down for our customers."

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Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Aug 3, 2016
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