Supermarket forecourts across the UK have dropped their diesel prices by up to 2p per litre resulting in a litre of diesel being cheaper than a litre of petrol. So how after ten years has this happened? Well, there has been an increased diesel supply which has pushed the market price down and therefore allowed for forecourts to cut their prices in a bid to share the savings made with motorists.
The main supermarket players such as Tesco, Asda, Morrisons and Sainsbury’s have all been involved in lowering their sale price for diesel at the pumps. If you head down to your local Asda you could be looking at around 112.7p per litre for diesel and petrol at just over 1p more costing 113.9p per litre.
If we look back at previous records we can see that the last time this happened was back in 2001 when the average price per litre of diesel was 77.92p per litre vs 77.94p per litre for petrol. However, during the last decade the cost of diesel has frequently risen as a result of the high uptake in diesel vehicles which was not matched by UK diesel refining capacity. But now a strong British pound combined with an increased supply from the Middle East has allowed for the price of diesel to lower back down.
Whilst around 10.7 million diesel motorists are already enjoying the reduction in the cost of diesel there could be more good news ahead! RAC fuel spokesman Simon Williams said “With the price of crude oil standing at 56.50 dollars (£36.23) and the pound relatively strong against the US dollar – the fuel trading currency – there is scope for further price cuts of up to 4p per litre off diesel over the next fortnight, and unleaded may even benefit from a slight reduction too due to the continued oversupply of oil.” So it’s good news for both petrol and diesel drivers on the horizon.