The RAC called for a cut in the price of fuel on Monday following a sudden drop in the price of a barrel of crude. On Friday oil dropped below $60 for the first time since the end of October due to traders’ fears of lower demand from China – the world’s second largest oil consumer – due to the coronavirus outbreak limiting travel.
Today, the supermarkets have announced they are cutting their prices, some by as much as 3p a litre.
RAC fuel spokesman Simon Williams said: “The cut in the price of fuel is excellent news, it’s just a shame that we have to call for a cut before retailers take action.
“Lower wholesale prices for both petrol and diesel have merited a cut for the last week which means drivers have been paying over the odds at the pumps all that time.
“Drops in the wholesale price should be passed on by the supermarkets in the same way increases are – daily, rather than being saved up for a headline-grabbing announcement.”