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Cost falling as oil price slumps

Motorists may see £1-a-litre fuel at filling stations

petrol 2Fuel at the pumps is forecast to fall below £1 a litre as motorists see the benefits of the oil price slump.

Three supermarkets today embark on a fuel price war and the RAC believes this will help drive the cost down further.

Tesco announced yesterday that it has taken 2p off diesel and 1p off unleaded petrol at all of filling stations. Sainsbury’s and Asda are following suit with identical price cuts today.

Asda said diesel will be selling at a maximum of 108.7p and petrol will cost no more than 111.7p. It said it was the lowest price for diesel at its stations for five years.

The price cuts follow a dip in the price of oil below 50 dollars a barrel.

RAC fuel spokesman Simon Williams said: “July was a bumper month for diesel vehicle drivers with the average price falling by 5p a litre, saving £3 on a fill-up.

“Now August is off to a flying start with another substantial cut which will help shave another couple of pounds off a tank of diesel.

“With oil prices just under the 50 dollars a barrel mark, there’s every chance even more cuts are just around the corner. And, if oil stays low and wholesale diesel remains abundant, we could even have a chance of seeing £1 a litre diesel.

RAC fuel spokesman Simon Williams said yesterday: “Returning to a diesel price last seen in 2010 is probably something the country’s 10.7 million diesel car owners never thought they would see.”

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