Petrol is getting cheaper as all the major supermarkets slash prices.
The price of petrol at Asda, Sainsbury’s, Morrisons and Tesco has been cutm following a fall in the wholesale price of fuel.
The first to announce a 2p drop was Asda, bringing the cost of petrol at the supermarket to its cheapest price this year.
Shortly after the three big rivals announced similar price drops, which all come into effect today.
Price war
Asda guarantees the price of petrol will be no more than 126.7p per litre and diesel no more than 133.7p after the cuts.
Unlike the other supermarkets it’s the only one which caps petrol prices to make sure the cost is the same across the country.
In response Sainsbury’s announced a cut of up to 3p per litre, while Morrisons and Tesco followed with a cut of up to 2p.
Keep track of your fuel spending with the lovemoney.com budgeting tool MoneyTrack
Regional price cuts
There have been several supermarket petrol price cuts this year, most recently in September.
The overall price of petrol has dropped by the largest amount since November 2008, according to the AA. Northern Ireland had the highest price for petrol in October at 132.9ppl, whereas London, the North, and Yorkshire/Humberside recorded the cheapest price at an average of 131.9ppl.
[SPOTLIGHT]Paying for petrol at the supermarkets was 5.3p cheaper. The gap between the price you pay at the supermarket and the UK average dropped to 1.8ppl.
But prices do vary quite a bit depending on where you live in the country and which retailer you buy your petrol from.
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How to save money on petrol
While petrol price rises and falls are out of our control, there are simple ways to cut back the amount you spend.
Taking advantage of price falls is key as there is no guarantee how long they’ll last. But before you fill up check a website such as petrolprices.com to make sure you’re getting the cheapest price possible. There’s a huge difference in price between different retailers and generally the highest tend to be motorway service stations.
Removing any unnecessary weight from your car and keeping your car in good condition will also reduce the amount of petrol it uses. Our guide How to beat the petrol price hikes has more information.