Fuel prices are continuing to drop, as the big four supermarkets have just reduced their prices by 2p per litre.
The price cuts come after a garage in Birmingham began selling petrol for less than £1 a litre. Asda was the first major supermarket to lower its prices. Currently, motorists can expect to spend no more than 103.7p per litre of petrol and 110.7p a litre for diesel at its forecourts, reports freshbusinessthinking.com. This marks the 15th time Asda has lowered its prices since September 2014.
Morrisons, Sainsbury's and Tesco have followed Asda's lead. However, experts believe it will be some time until petrol stations in London reduce fuel prices to below £1 a litre.
AA president Edmund King said: "There remains a postcode lottery out there when it comes to fuel prices. It will still take some time to get down to an average of £1 per litre, particularly as 70 per cent of the pump price is tax (57.95p duty and 18.3p VAT)."
The RAC Foundation estimates that Brits will be £140 better of this year than they would have if prices had remained at the levels they were during summer 2014, when petrol cost £1.33 per litre on average.
Fuel prices are dropping as a result of the decline of the price of oil. A barrel of Brent crude oil recently declined by 2.6 per cent to just $48.74 (£32.29) - the lowest prices it's been since April 2009, reports standard.co.uk.