Retailers cut petrol and diesel prices

Retailers cut petrol and diesel prices

Drivers are getting an early Christmas present, with the price of fuel being reduced by Asda.

Asda is cutting the price of petrol at its forecourts by 2p a litre, while diesel will be 1p a litre cheaper.

Tesco, Sainsbury's and Morrisons have confirmed that they are also reducing petrol and diesel costs by these amounts.

The latest reduction means that customers of Asda, which has cut prices 11 times since September, will pay a maximum of 110.7p a litre for petrol and 117.7p a litre for diesel.

The fall in pump prices has been prompted by a dramatic reduction in global oil prices, which hit a five-year low earlier this week.

Oil prices have dropped dramatically since the summer amid concerns about oversupply and weakening demand.

The drop in oil prices should be good news for drivers, who are likely to see further falls at the pumps.

Copyright Press Association 2014