Asda has cut the cost of petrol at its 273 filling stations across the UK to 99.7p per litre – despite saying it wouldn’t be taking part in Black Friday deals this year.
It comes after George Osborne refused to increase the cost of fuel duty in this week’s spending review.
Asda President and CEO Andy Clarke said: “The Chancellor’s freeze on fuel duty is what our customers were hoping for. We’re adding a further boost by investing in a three-day fuel price drop meaning drivers can now benefit from fuel as low as 99.7ppl in the crucial run-up to the festive period.
[bctt tweet=”Drivers can now benefit from fuel as low as 99.7ppl in the crucial run-up to the festive period” via=”no”]
It’s the first time petrol prices have dropped below a pound since summer 2009. Asda has said it will offer cheap prices on petrol (99.7p) and diesel (103.7p) as part of a three-day price drop.
On Monday, Asda will revert to a market-leading price of 103.7p per litre on unleaded and 106.7p per litre on diesel.
Clarke added: “We’d urge the Chancellor to continue with a freeze on fuel duty in the March Budget to help maintain discretionary income levels for families.”
The RAC responded by saying we could see further reductions in fuel prices.
RAC Fuel Watch spokesman Simon Williams said: “Due to the latest dip in the crude oil price we had predicted that the most price-competitive fuel retailers would soon be selling petrol for £1 so it is great to see that landmark price is now available across the country at the most expensive time of year.
“Even though this promotion only lasts for three days it will help to bring prices down at forecourts nationwide. While we are some way from seeing the average petrol price reach £1, prices at more and more retailers should be getting ever closer to that figure.”