Tesco has continued the petrol price war by announcing a further 2p price drop on petrol and diesel. It’s the second time fuel prices have gone down in March.
Earlier this month Asda lowered the cost of unleaded petrol to 114.7p per litre, and diesel to 116.7p per litre. The 2p-per-litre reduction equated to an overall saving of £1.10 when filling an average family car. Morrisons, Tesco and Sainsbury’s followed suit by lowering the price at their filling stations.
With more good news for motorists, Tesco announced it was reducing the cost of fuel by a further 2p in all of its 500 filling stations.
The new prices came into effect on March 24th. The price drop was soon by mirrored by Tesco’s rivals: Morrisons, Sainsbury’s and Asda. Asda confirmed that its customer would pay no more than 112.7p for petrol and 114.7p for diesel in any of its 301 filling stations.
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Will the price war continue?
We’ve already seen fuel prices drop by 4p in March, will the price war end there or dare we hope for further reductions?
The market is still responding to the price of crude oil, “Wholesale prices have come down by 2p a litre as a result of the cost of a barrel of oil reducing to the $50 mark for the last two weeks combined with a boost in the value of the pound against the dollar.” said RAC fuel spokesman Simon Williams.
When the first price drop came into effect, a barrel of crude oil cost $52
The further reductions shows that there is still some wiggle room on price and if barrels of crude oil continue to get cheaper we could see the cost of fuel go along with it.
The petrol price drop is a small ray of sunshine for motorists, who have seen the cost of fuel rise by almost 20p in just over a year.
Want to know if a petrol or diesel car will work out cheaper for you? Use our fuel cost calculator.
Three Which? money-saving driving tips
You don’t have to wait for fuel prices to come down in order to save money. Use our three easy tips to cut your costs at the pump:
1. Smooth driving
Accelerate smoothly and minimise the number of gear changes. Ease off the gas where possible to lower fuel consumption, and use the highest gear available but without labouring the engine. It should help if you keep the revs between 1,500 and 2,500rpm (petrol engine) or 1,200 and 2,000rpm (diesel engine).
2. Check your tyre pressure
Make sure your tyres are at the correct pressure, as stated in the car’s handbook (or often on a sticker on the driver-side door pillar). Underinflated tyres can significantly reduce your car’s fuel economy.
3. Don’t warm up your engines
Don’t leave your engine running on cold mornings – all you’re doing is wasting fuel and wearing out your engine. If your windscreen is iced over, use a scraper and some de-icer. Don’t let your car do the work.
Want to save even more money? Read our top 10 expert money-saving driving tips.