Overview

• Asda has cut fuel prices by 4p per litre at all its forecourts, bringing petrol to 132.0p and diesel to 137.6p per litre on average.
• The reduction comes after a significant drop in wholesale oil prices, which fell from over $80 per barrel in January to below $70.
• The RAC predicts pump prices could drop further, with petrol potentially reaching 130p per litre if retailers pass on savings fully.
• UK drivers have faced five months of rising fuel prices, with current national averages at 138.6p for petrol and 145.8p for diesel.
• The Competition and Markets Authority highlighted that UK drivers overpaid by £1.6 billion in 2023 due to increased retailer margins.