Petrol and diesel prices in the UK have reached their lowest level in five years, with supermarkets in particular continuing to cut the cost of filling up. The price drops have followed a further reduction in the cost of Brent crude oil to around $55 per barrel. All of the major UK supermarkets have announced 2p per litre price cuts, with Asda continuing to stick to its national price of 'no more than' 105.7p per litre (and 112.7p per litre for diesel). Andy Peake, petrol trading director for ASDA, said: "No matter where customers live, they will benefit from the same fuel price with our national price cap of 105.7ppl for unleaded and 112.7ppl for diesel.î RAC fuel spokesperson, Simon Williams, said; 'With the average price of petrol already at levels not seen since January 2010, this latest cut will send the average price (112p) even lower, which is more great news for the motorist as millions head back to work following the festive holiday. 'We think there is still more room to cut further, perhaps by as much as 5p to 6p by the end of January. 'We would expect other retailers to follow Asda's example which would bring us ever closer to the £1 per litre average for petrol which the RAC said last month could be a possibility for the start of the New Year. "Of course it would also be an extremely welcome move for motorists and businesses alike.î The reduction in the costs of crude oil could continue to benefit consumers for months to come.
