RAC response to supermarkets cutting price of its petrol and its diesel by up to 2p a litre

RAC fuel spokesman Simon Williams said: “The combination of the strengthening pound and the fact that tensions in both Ukraine and Iraq have not caused supply issues means wholesale prices have begun to ease. But falling wholesale prices don’t always lead to cheaper forecourt prices so it’s good news for motorists that this reduction is being passed on so quickly at the pumps. Cheaper fuel is good for individual motorists, businesses and the economy.

“The impact of the shale oil extraction in the US is also causing global oil prices to reduce due to more product becoming available in the market which in turn reduces reliance on importing oil from the Middle East.”