Supermarkets slash diesel prices by more than 7p per litre

manchestereveningnews.co.uk:

Supermarkets and other fuel retailers have reportedly slashed the price of diesel by 7.44p a litre. According to RAC analysis, over the two weeks since May 15, the average price of a litre of diesel at a supermarket went from 151.02p per litre to 143.58p per litre.

It comes after the the wholesale price of diesel has been below that of petrol since the end of March. On May 15, the average price for a litre of petrol and diesel showed an average gap of 9p.

However, by Monday (May 29), this had shrunk to 2.5p. Read more: Join the FREE Manchester Evening News WhatsApp community RAC highlighted that the move from retailers could have been sparked by the Competition and Markets Authority (CMA) which expressed its concern over dwindling competition in the retail fuel market.

RAC fuel spokesman Simon Williams said: “Since the Competition and Markets Authority’s made its announcement about supermarkets increasing their margins compared to three years ago and said they will be formally interviewing bosses, it appears the rate at which the price of diesel has fallen has sped up. “Significant cuts to the price of supermarket diesel were long overdue as its wholesale price has been below petrol’s since the end of March.