Sainsburys, ASDA and Tesco have all hit the headlines recently as a result of a fuel ‘Price War’ which has seen petrol prices fall by up to five pence. This plummet sees the lowest prices since 2010, when petrol prices were hiked up by ten pence. The price drop has also led to the UK being excluded from the top 10 countries for expensive fuel, where Norway is number one.
(Image Source: thisismoney.co.uk)
This increase, while potentially troubling for smaller businesses, has great benefits for motorists:-especially those who buy in bulk. This is recommended due to the fluidity of petrol prices. All you need to store the fuel is an appropriate fuel storage tank which can be a great investment for those who use petrol regularly. These reduced prices are thanks to retailers handing down savings to customers, rather than benefiting themselves solely, and they couldn’t have come at a better time of the year with Christmas fast approaching and many families’ budgets getting tighter. Fuel prices affect the day-to-day living of many motorists: in a Credit Action report, moneysavingexpert.com stated that 40% of people claimed that petrol costs were the biggest effect on their financial situations and expenditure. Perhaps with this sudden decrease, the UK can loosen their belts.