Is the price of fuel falling?
Asda and Tesco are cutting prices at their filling stations across the UK.
From Tuesday Asda, will be reducing their petrol cost to 110.7p per litre and diesel to 112.7p per litre. This will take affect across all 295 stations.
Tesco has 500 filling stations across the country and announced they would be cutting their costs of petrol and diesel by 3p per litre.
The news comes after official figures showed that fuel prices reached their highest in July last year.
In recent months the price of fuel has risen due to the recovery of the global oil price which suffered from a major decline. The EU Referendum result also pushed up the cost of imports after the fall in the pound.
RAC favoured the latest prices cuts but believes it has come too late as the wholesale price of fuel has been falling as well as the price of oil.
RAC fuel spokesman Simon Williams said the price cuts should have come earlier and told Sky News: “It’s hard not to see it as them taking advantage of the current climate, which has led people to think that higher fuel prices are an inevitability simply because of the weaker pound and talk of the rising cost of goods.
“In fact there is still scope to reduce pump prices further.”