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Petrol prices nearing £1 a litre following further cuts

Petrol prices are edging closer to the £1 a litre mark, following the announcement of further cuts by the UK’s four biggest supermarkets.

Tesco, Asda, Morrisons and Sainsbury’s confirmed that they would be reducing pump prices by 2p a litre for both petrol and diesel.

The move follows significant reductions in the price of oil, with Brent crude now costing less than $52 a barrel.

Simon Williams of the RAC has welcomed the news, commenting, ‘The cuts are bringing us ever closer to the £1-per-litre average for petrol’.

However, while the cuts will benefit motorists and businesses, Chancellor George Osborne has called for the fall in wholesale prices to be passed on to consumers across all industries, including utility firms and airlines.

HM Treasury is currently considering whether any action needs to be taken to ensure that industry is passing on the cost savings to consumers