The decision by Asda to cap the cost of unleaded and diesel at 111.7p a litre was followed by Sainsbury’s ordering a similar 2p drop in their prices, with Tesco and Morrisons following suit.
The decision follows criticism from motoring organisations last week as petrol retailers were accused of failing to pass on savings to the UK’s 33 million drivers despite the cost of oil tumbling to a five week low of $47.15 a barrel.
Asda’s Head of Petrol Trading Dave Tyrer said: “Our new national price cap of 111.7ppl on both unleaded and diesel will be welcomed by the millions of drivers who be starting to plan their summer holidays.”
RAC fuel spokesman Simon Williams said: “This is excellent news for motorists. But it’s particularly good to see a major supermarket reducing the price of diesel in line with petrol as the wholesale costs of both fuels are currently very similar.
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“Motorists should now be able to fill up for less and make the most of the weekend’s fantastic summer weather.”
Luke Bosdet, AA spokesman, added“UK average petrol prices have been stuck at around 116.5p a litre for the past six weeks and drivers were wondering when they were going to see the benefit of lower oil prices..”