Supermarket petrol price war heats up
Supermarkets have stepped up a forecourt price war by cutting petrol prices for the second time in a week.
Tesco plans to reduce its pump prices by up to 2p a litre from today, on top of the 1p cut announced earlier in the week. Rivals Morrisons, Sainsbury's and Asda have also made similar moves as firms use the forecourt as a key battleground for attracting shoppers.
The downward pressure on prices comes after financial turmoil caused a sharp slide in commodities. Oil prices have tracked the decline in stock markets, with New York listed crude down to around $85 (52) a barrel from $100 (61) last month and $115 in May.
However, prices on Britain's forecourts have not mirrored the oil price drop, with unleaded petrol costing on average 1.8 per cent more than in early April at around 136.5p a litre.
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Sunday 27 May 2012
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