As the August Bank Holiday approaches, a fuel price-cutting war appears to have broken out among the big supermarkets.
But according to some reports, the opening salvos have been fired not by one of the so-called Big Four food retailers, but by a number of independents to the east of London – who have cut their fuel to as little as 125.9p per litre in recent days.
ASDA stepped up to the challenge by selling its petrol for no more than 124.7p per litre across its 234 UK stations.
Not to be outdone on the all-important Bank Holiday by ASDA's alluring prices, Sainsbury's and TESCO both dropped their petrol prices by up to 2p/litre and by up to 1p for diesel.
Average UK petrol prices stand at 129.71p/litre while diesel is typically 133.74p/litre. Not since February 2011 have such low prices been witnessed.
As many of those who are covered by one of our annual breakdown policies will be aware, there have been fears that petrol prices could soon rise in light of the crisis in Iraq. However, a 'glut' of oil from Saudi Arabia, Libya and America has seen prices remain stable. Low demand from Europe and the US is also a factor in low prices according to some experts, who suggest many families continue to have problems managing their finances, despite the recent good economic data.
Analysts say that supplies from Libya are set to further increase, eliminating fears of rises at the petrol pump – at least in the short term.
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