Asda caps unleaded petrol price at 133.7p per litre
PETROL price wars are forecast to rev up again after Asda announced it was cutting the cost of unleaded by up to 2p per litre.
From tomorrow morning, drivers filling up at the supermarket's station in Up Hatherley will find unleaded prices capped at 133.7p per litre.
This is a nationwide price cap by Asda, and the news has been welcomed by Cheltenham based family-run firm Bob Lawrance Light Haulage.
Mr Lawrance, 67, drives around 65,000 miles a year, delivering aircraft propellers across Europe.
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He said: "It's obviously a good thing for the average motorist.
"Petrol prices in the UK are ridiculous, so any drop in the cost is very welcome.
"It's particularly good that Asda is capping the petrol price, as in the past prices have gone down one week only to shoot up again a few days later. I'm sure there will be a lot of motorists in Cheltenham who are pleased by this news."
Asda's decision to slash the price follows reductions in the wholesale costs of unleaded petrol.
The supermarket's Diesel price remains at 139.7p per litre, as wholesale costs have not been reduced.
Last month Asda, Morrisons and Waitrose all cut their unleaded price by 3p.
Jeremy Walton, Asda's head of petrol trading, said "We always aim to be the first retailer in each part of the country to drop prices when costs are falling and the last to put them up."
Motorists can check how much they will save on fuel by using Asda's petrol price comparison site your.asda.comfuel-prices, which is powered by independent price checker petrolprices.com
The average cost of fuel was 2.8 per cent higher in September this year than the previous year.
Earlier this year the Office of Fair Trading (OFT) launched a review into whether or not reductions in the price of crude oil were being passed on to motorists.
It will explore a number of claims about how the road fuels sector is functioning, including whether supermarkets and major oil companies are making it more difficult for independent retailers to compete.
Economists have warned the rate of inflation is not likely to fall as rapidly as forecast due to pressure from oil prices.