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Three of the country's biggest supermarkets have said they will pass on lower oil prices to customers, sparking a potential price war at the petrol pumps.
Asda began with an offer of a 3p cut, to be followed by Wm Morrison offering 4p off. Sainsbury's said its petrol would be 5p cheaper, but only to customers spending £50 or more.
The three were apparently responding to a similar offer of a 5p reduction instituted by Tesco, the UK's biggest grocer, to shoppers spending £50.
David Miles, Asda's trading director, said: "We are seeing a more stable reduction in oil prices, allowing us to pass on the savings to customers."
The price of oil has dropped from a peak of nearly $147 a barrel earlier this month to over $130.
However, prices are in danger of creeping back up as oil producers in the Gulf of Mexico began to gear up for the first major storm of this year's hurricane season.
Oil prices in London Brent crude rose $2.42 to $132.61 on fears that Hurricane Dolly, due to hit on Wednesday, will disrupt oil production. US crude also rose, up $2.16 to $131.04.
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Nonsense! They take down the price of petrol because their sales growth is all coming from petrol. Hand in hand, food and non-ffod prices go up more than they should. A fair promotional tactic but not enough to trick the analysts who are starting to question their food and non-ffod growth numbers!
Michael, London,
We hear "Supermarket price cuts spark petrol pump war"headlines once every 6 months or so but the prices continue to soar. Leave these stories be and report real news. Supermarket 'price wars' are short-term marketing ploys ignore the hype the media/companies create.
Paul Bedwell, London,
Get your facts right. Crude oil dropped sharply today. So more petrol cuts have to be on their way.
Mac, Manchester, UK
For Jane no its reckless and idiotic media giving people excuses to give to consumers for profiteering ? and it's about time goverments did something about it !
Chris Houghton, Wigan,
Pump prices go up the day that the cost per barrel goes up but when oil goes down in price the garages take much much longer to reduce prices - profiteering, who doesn't do it nowadays? At least we know the world now has a motto - greed is good, long live the dollar
Jane Moran, Manchester, UK
Have oil prices risen every year when Hurricane season starts ? Or is this just another excuse to give to consumers for profiteering ?
Benzo, Nr Chelmsford,
Stephen, companies have a duty to their shareholders to maximise the return on their investment, not to give it away to customers.
Simon Stock, Meppershall, Bedfordshire
Tesco have maintained a HIGHER price by 2/3p for most of the last few months. All the supermarkets and even Shell forecourts have been cheaper.
Please dont fall for tesco 'savings' PR
Jake Westway, Bristol,
Tesco has been offering 5p off a litre of fuel if you spend £50 or more for the last two weeks and has run this scheme for a number of years now. No doult Tesco will also respond to the recent fall in wholesale oil prices thus making its fuel evan cheaper.
Dave, Mold, UK
supermarkets have been on the bandwagon and could
of kept prices much lower than of late, they do not care
about us just our money.
they had a duty to their customers not to rip us off at the pumps
and they failed us all.
stephen, Blackpool, England