Asda, Morrisons and Sainsbury’s have all announced that they are cutting the price of petrol by 2p a litre.
Commenting on the news Steve Gooding, director of the RAC Foundation, said:
“This is welcome news but oil is now trading at the same price as the lows we saw in January and soon afterwards petrol dropped to 106p per litre on the forecourts so we would expect yet more downward movement.
“Also the current retail margin on petrol is almost twice as much as the long term average which is another indicator that pump prices could fall further.
“However it is worth remembering that the biggest influence on what motorists pay at the forecourts is not the oil price but taxation.”
The charts above showing historic UK pump prices and oil prices are available for embed.
Philip Gomm – Head of External Communications – RAC Foundation
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Notes to editors:
The RAC Foundation is a transport policy and research organisation that explores the economic, mobility, safety and environmental issues relating to roads and their users. The Foundation publishes independent and authoritative research with which it promotes informed debate and advocates policy in the interest of the responsible motorist. The RAC Foundation is a registered charity, number 1002705.
All the Foundation’s work can be found at www.racfoundation.org