As Pump Prices Tumble, Gas Guzzlers Soar And Fuel Sippers Slide

This is source I found from another site, main source you can find in last paragraph

Brent crude dropped to $45 a barrel on Sunday

  • The Petrol Retailers’ Association said pump prices could drop to 110p a litre

  • Motorists will expect retailers to pass savings on with a fresh round of price cuts

  • The last supermarket fuel price battle kicked off on June 15 when oil hit $48 

  • By City & Finance Reporter for the Daily Mail and Rob Hull For Thisismoney.co.uk >

    Published: 16:54 EST, 25 June 2017 | Updated: 07:07 EST, 26 June 2017

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    Motorists could be in line for further savings at the petrol pumps as the price of oil continues to tumble.

    Fuel prices are at their lowest level since the start of the year – with motorists paying about 5p less per litre of petrol and 6p less on diesel than in February.

    It reflects the slide in the price of a barrel of Brent crude from $57 in February to $45 last night.

    Finger on the pulse: Fuel prices are at their lowest level since the start of the year

    Finger on the pulse: Fuel prices are at their lowest level since the start of the year

    Experts believe that could fall even further despite efforts by the cartel of oil-producing nations, Opec, to increase fuel prices by cutting production.

    Brian Madderson, chair of the Petrol Retailers’ Association, said petrol could fall to between 112p and 110p a litre, down from its current low of 115.12p. 

    But he cautioned the fall in the pound could slow the rate of change, as oil is traded in dollars.

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    Motorists will now be hoping for a reinvigorated price war between the four big supermarket fuel retailers.

    On June 15, Asda, Morrisons, Sainsbury's and Tesco all reacted to oil dropping to $48 a barrel by reducing the cost of fuel by up to 2p a litre.

    Then, Asda - which was first to announced a price cut -  promised drivers they would not pay more than 111.7p for a litre of fuel at any of its 308 petrol stations across the country.

    On June 15, Asda promised customers it would pay no more than 111.7p a lite for fuel

    On June 15, Asda promised customers it would pay no more than 111.7p a lite for fuel

    With oil shedding another $3 a barrel since this last round of pump-price reduction, the pressure is mounting on retailers to pass savings on to drivers with a new round of forecourt price slashes.

    As of Saturday (June 24), the average price of unleaded in the UK was 115.0p a litre, while diesel was 115.7p, according to PetrolPrices.com. That's far from the 111.7p-per-litre precedent set by Asda. 

    That's because non-supermarket retailers are currently selling fuel, on average, 4p a litre more expensive than Asda and other grocery providers, according to recent fuel-price reviews by the AA.

    Earlier this month it said that the average price of unleaded was nearly 5p a litre more expensive than it was a year ago, despite oil prices being around the same.

    The motoring group says it takes around two weeks for the wholesale price paid by retailers to be passed on at the pump to motorists. 

    This is source I found from another site, main source you can find in last paragraph

    Source : http://www.dailymail.co.uk/money/markets/article-4637818/Motorists-line-savings-petrol-pumps.html

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    Petrol could fall back to 110p: Drivers in line for further savings at the pumps as oil price tumbles
    Stories for June 2008