Asda has said it will reduce fuel prices by 6p a litre this evening following the cut in fuel duty announced by the chancellor in his spring statement.
In a statement, the company said it will pass the 5p a litre drop in fuel duty “straight on to its customers”.
“The supermarket will reduce the price at the pumps by 6p per litre which includes a 1p reduction in VAT,” it said.
“The new prices will be implemented from this evening.
“This means that motorists will see unleaded move back below 160ppl and diesel to 170ppl.”
Unveiling his spring statement in the Commons, the chancellor announced that a cut in fuel duty of 5p a litre will be in place for a year as petrol costs continue to rise.
He told MPs the move was being made “for only the second time in 20 years”.
On Tuesday, the average cost of a litre of petrol at UK forecourts was 167.3p, the latest figures from data firm Experian Catalist show – another record high after multiple days of new peaks.
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For diesel, the average cost was 179.9p.
Other fuel retailers told Sky News there could be some time before the cut in fuel duty is reflected at the pumps.
They said the move meant they faced taking a loss as the prices they pay to stock forecourt tanks already had fuel duty built in.
Gordon Balmer, executive director of the Petrol Retailers Association, explained: “Forecourt operators have purchased the fuel they are currently providing at the higher fuel duty rate.
“As a result, they must first deplete their stocks and resupply with fuel bought at a reduced rate before motorists will see a change in pump prices.”
