Money Personal finance Petrol prices Fuel set to fall to £1 a litre as supermarket war spreads to the forecourts . . Petrol prices are heading towards 2009s level when it was £1 a litre as crude oil supplies are at a high PAPumped up about the good news: Supermarket customers will cash in Petrol prices could soon hit £1 a litre as desperate supermarkets battle to attract customers. A new wave of cut price deals on supermarket forecourts means drivers can now fill up for as little as £1.03p a litre. The last time petrol cost £1 a litre was in May 2009. Motoring groups say motorists are enjoying some of the cheapest prices for years. Average prices have already plunged to a four year low, at £1.25 a litre, while in some parts of the county it has dropped to as little as 1.19p a litre. Petrol prices 2009 2010 2011 2012 2013 2014 Now Year 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 Price per litre in £ Average price of 1L of petrol in the UK (source petrolprices) Filling up a Ford Focus cost around £71 when prices peaked at £1.42 a litre in April 2012. It will now set a driver back around £63 on average. Some motoring experts believe petrol prices will go even lower thanks to a dramatic fall in the price of crude oil, down from 100 dollars to 85 dollars a barrel in the past three months. Price to fill up £71 2012 prices £63 Predicted price Based on a Ford Focus The fuel price war means shoppers can now take advantage of a wave of deals and special offers. Further price cuts expected in coming weeks. Tesco’s Clubcard Fuel Save scheme allows clubholders to save up to 20p a litre. They get 2p off a litre for every £50 of groceries they buy online or ione of its stores. At one Tesco forecourt yesterday petrol cost £1.22.9p a litre. Motoring groups say the price cuts are putting £2m a day back into motorists’ pockets. RAC fuel spokesman Simon Williams said the latest price cuts “will take us to a new low, the likes of which we haven’t seen since late 2010.” He added: “It is fantastically good piece of news for drivers, it really is. “We have a really transparent fuel market at the moment. I don’t think we’ve ever seen prices come down so sharply at this. “There has been an over-supply of crude oil in recent weeks and we are seeing the cheapest prices since December 2010 and January 2011.” Brian Madderson of the Petrol Retailers Association, which represents independent forecourts, said supermarkets are fighting back after losing market share to rivals. He said: “There are now desperate to attract shoppers back to the big stores and they are using fuel to do that. It is good news for motorists and retailers because it has encouraged traffic back on to the road.” . Oct 25, 2014 16:37 By Stephen Hayward
Posted on: Sat, 25 Oct 2014 19:33:05 +0000
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