Asda set to cut petrol price to 110.7p a litre

By ALASTAIR DALTON
Published 17th Dec 2014, 11:53 BST
The announcement is Asda's 11th petrol price cut in three months. Picture: GettyThe announcement is Asda's 11th petrol price cut in three months. Picture: Getty
The announcement is Asda's 11th petrol price cut in three months. Picture: Getty
PETROL will be cut tomorrow to 110.7p a litre by price leader Asda as the RAC forecast it could fall below £1 early next year.

The supermarket chain today announced its 11th petrol price cut in three months, which will lop off another 2p at the pumps.

The new maximum price at its 245 forecourts is 16p a litre less than at the end of September

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Asda is also cutting a further 1p off diesel, which will fall to a maximum of 117.7p - 12p less than in September.

Petrol trading director Andy Peake said: “We know our competitors are likely to follow our lead.”

The move came as oil prices continued to plunge, with Brent crude trading at below $60 a barrel for the first time in nearly five and a half years.

The RAC said petrol was on course to dip below £1 a litre in the first few months of 2015 - a five year low.

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It said the average price of a litre of petrol is 116.9p - nearly 14p a litre cheaper than at the start of the year.

Diesel is nearly 16p cheaper - 122.33p a litre now compared to 138.24p in January. The average supermarket price of fuel is 114.26p a litre for petrol and 120.18p for diesel.

Fuel spokesman Simon Williams said: “What’s currently happening at the pumps with falling fuel prices is something many motorists will not remember seeing before.

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