The battle at the pumps between the big four has intensified, with Asda and Sainsbury’s cutting the price of fuel for the third time in a week.
Sainsbury’s announced it would reduce pump prices by 3p per litre to a new low of 94.9p per litre from this morning. Customers could also get a further 5p off if they spent £50 in a Sainsbury's store, taking the price down to 89.9p.
Asda immediately matched the price, promising 94.9p on unleaded petrol and 107.9p per litre on diesel for the next 10 days.
The new round of price cuts follows criticism from MPs that petrol retailers were keeping prices artificially high. Earlier this week, MPs signed an Early Day Motion calling for companies to “cut their prices immediately to help families cope with the rising cost of living”.
But lower petrol prices could be short-lived. There are fears prices could soon rise by as much as 5p after members of OPEC, the Organisation of the Petroleum Exporting Countries, threatened to cut production, according to the Daily Telegraph.
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