Fuel prices at the pumps should fall “further and faster” after a significant drop in oil prices, David Cameron has said. The Prime Minister told MPs the regulator and the Government would do everything it can to ensure the oil price slump is reflected on forecourts. A Birmingham service station has been disclosed as cutting the price of its petrol to 99.7p a litre while the big four supermarkets have been engaged in a fuel-price war.
The big four supermarkets are cutting the price of their fuel again. Asda, Morrisons, Sainsbury’s and Tesco are all knocking a further 2p off their petrol and diesel. The Tesco cut takes effect from this afternoontook effect yesterday, while the reductions by the other three companies will kick in today.
Scotland’s economy finished 2014 on a “solid footing”, according to a new report. The monthly survey findings by the Bank of Scotland (BoS) found employment and business output grew in December, continuing at the same rate as the previous month. It is forecast that the economy will expand during 2015 but at a slower rate than last year.
Companies which own petrol stations should be hit with a windfall tax unless they pass on deep drops in oil prices to British drivers through cheaper fuel, a Tory MP has said. Nigel Evans said fuel industry firms not lowering their prices to £1 a litre should be shamed by MPs and then hit with a tax on their profits as the cost of crude oil tumbles. Mr Evans’ call comes after Sainsbury’s boss Mike Coupe predicted fuel prices would fall below £1 a litre as Brent crude was being traded at below 50 US dollars a barrel for the first time since 2009.
The energy industry insisted deep cuts in global oil prices were already being passed on to customers after Chancellor George Osborne announced a review of the impact on items such as fuel bills, air fares and the forecourt price of petrol. Ministers said concerned industries were being watched "like hawks" and officials were examining what action might be taken if a seven-year low in the global oil price was not adequately reflected in what the public was charged. Mr Osborne welcomed a move by four major supermarkets to cut 2p from the cost of a litre of petrol as the slump left a barrel of Brent crude trading at its lowest since May 2009, but said more action was required.
From tomorrow, Asda and Morrisons are reducing their petrol and diesel by 2p a litre. It means Asda customers will pay no more than 105.7p a litre for petrol, with diesel being 112.7p a litre. This is Asda’s 14th fuel cut since the end of September, with 21p a litre coming off its petrol price in total and 17p a litre off its diesel.
The four major supermarkets have provided some New Year cheer for motorists by cutting their fuel prices. Asda, Morrisons, Sainsb ury’s and Tesco are all knocking 2p a litre off their petrol and diesel, with the reductions taking effect from tomorrow. The Asda cuts will mean its customers will pay no more than 107.7p a litre for petrol, with diesel at 114.7p a litre.
Motorists have received an early Christmas present in the form of yet more fuel cuts by supermarkets. Asda, Tesco, Morrisons and Sainsbury’s all announced they were reducing the price of their petrol by 2p a litre and also knocking 1p a litre off their diesel. The Tesco cut takes effect from lunchtime today, while the other three big supermarkets will introduce the lower prices from tomorrow.
Leading supermarkets have cut the cost of their petrol again. Asda, which reduced its petrol by 2p a litre last Saturday, knocked another 1p a litre off its petrol today. This means its petrol will cost no more than 114.7p a litre, with diesel remaining unchanged at 119.7p a litre Morrisons, which took 2p a litre off its petrol and diesel yesterday, said it was reducing its petrol by a further 1p a litre.
Plunging prices at the pumps have failed to arrest the slide in petrol purchasing. Petrol sales in October 2014 fell when compared with October 2013 despite pump prices falling more than 8p a litre over the 12-month period, Government figures highlighted today by the AA showed. The statistics also showed that petrol sales for the first 10 months of this year have fallen 20% compared with the same period five years ago.
Supermarkets have reacted to plunging world oil prices by cutting the cost of fuel to motorists. First, Asda announced it was knocking 2p a litre off its petrol and diesel from tomorrow. Then Tesco said it was cutting its petrol and diesel by 2p a litre.
Petrol firms and supermarkets will be pressed by the Government to pass on the benefit of falling oil prices to customers filling up at the pumps. Treasury Chief Secretary Danny Alexander will demand an assurance from fuel companies and distributors that they are doing all they can to pass on the price cuts to motorists. Mr Alexander will use a speech in Aberdeen to warn people would "rightly be angry" if they felt prices were not coming down as much as they should.