Petrol price CUT on the way? Strong pound and fall in costs means fuel price 'MUST drop'

Morrisons has today announced the cost of diesel will fall by 2p a litre and unleaded by 1p a litre.

But the cut is not enough and more retailers should be acting to reduce prices, said the RAC.

It comes after the wholesale price of petrol fell by 3.5p during April and diesel fell by 2.5p, according to the motoring group.

At the same time the pound has strengthened against the dollar, reducing the costs for British buyers.

Yet last month the price of petrol went up by 1p a litre for drivers, found the RAC.

Petrol prices should now be falling by at least 2p a litre.

It currently costs an average of £65.37 to fill up a 55-litre petrol car and £66.29 for a diesel equivalent.

Morrisons services director Roger Fogg said: “We are again bringing prices down quickly and we hope that this move will help motorists’ budgets stretch a little further.”

But RAC Fuel Watch spokesman Simon Williams said: “A penny on unleaded is simply not enough.”

He added: “This is just the start and we are confident that the move will be followed by other supermarkets. It would be good if they surprised motorists with a bullish 3p a litre cut.

“This is long overdue as our April Fuel Watch figures indicate that prices should be coming down as we saw the wholesale price of petrol and diesel fall during last month by around 3p a litre.

“Motorists need to be able to trust retailers to be transparent when they are benefitting from significant savings in the wholesale price.
“It is time to do the right thing and drop prices – otherwise they could be accused of ‘rocket and feather’ pricing.”