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| Supermarkets cut diesel price to below £1 a litre | Supermarkets cut diesel price to below £1 a litre |
| (35 minutes later) | |
| Supermarket chains Asda and Tesco are cutting the price of diesel to below £1 a litre - its lowest price since 2009. | Supermarket chains Asda and Tesco are cutting the price of diesel to below £1 a litre - its lowest price since 2009. |
| The price of petrol, typically cheaper than diesel, fell below £1 a litre in the weeks before Christmas. | The price of petrol, typically cheaper than diesel, fell below £1 a litre in the weeks before Christmas. |
| The RAC said the move was overdue. | The RAC said the move was overdue. |
| The price reflects further recent falls in the oil price, which is around its lowest for 11 years. The UK's benchmark oil product, Brent crude, is currently trading at just below $38 (£26) per barrel, having lost 35% over the year. | The price reflects further recent falls in the oil price, which is around its lowest for 11 years. The UK's benchmark oil product, Brent crude, is currently trading at just below $38 (£26) per barrel, having lost 35% over the year. |
| The RAC has a fuel price monitor, Fuel Watch, which monitors the price of oil and its relation to forecourt prices. | The RAC has a fuel price monitor, Fuel Watch, which monitors the price of oil and its relation to forecourt prices. |
| The majority of the price of UK fuel, around 75%, goes to the Treasury in duty and VAT. The rest of the price is refinery costs, distribution and the fuel retailers' profit margins, leaving less of a link between the price of the commodity and the finished fuel product than may be apparent. | |
| But the motorist organisation said the wholesale price of diesel should have been cut earlier as it had been below that of petrol since before Christmas. | But the motorist organisation said the wholesale price of diesel should have been cut earlier as it had been below that of petrol since before Christmas. |
| It pointed out that more miles were driven in the UK on diesel than on petrol. | It pointed out that more miles were driven in the UK on diesel than on petrol. |
| A spokesman said: "Diesel drivers will clearly welcome this move by the big supermarkets, although it would be fair to say it is overdue. | A spokesman said: "Diesel drivers will clearly welcome this move by the big supermarkets, although it would be fair to say it is overdue. |
| "We hope that other supermarkets and the cheaper fuel retailers will follow suit and do the right thing for motorists. This should reduce the average price of diesel for motorists everywhere who will benefit from the low price of crude oil." | "We hope that other supermarkets and the cheaper fuel retailers will follow suit and do the right thing for motorists. This should reduce the average price of diesel for motorists everywhere who will benefit from the low price of crude oil." |
| Both price cuts will come into effect on Monday. | Both price cuts will come into effect on Monday. |
| Asda, which has 277 filling stations, says it was the first to cut the price of petrol to below £1 a litre in November. | Asda, which has 277 filling stations, says it was the first to cut the price of petrol to below £1 a litre in November. |
| Peter Cattell, fuel director for Tesco, which has 500 filling stations, said: "Having diesel for 99.7p a litre will give our customers a big helping hand for the new year. This reduction will mean millions of customers save money by shopping at Tesco." | Peter Cattell, fuel director for Tesco, which has 500 filling stations, said: "Having diesel for 99.7p a litre will give our customers a big helping hand for the new year. This reduction will mean millions of customers save money by shopping at Tesco." |
| Tesco will continue to review the price of diesel subject to changes in oil markets and foreign exchange movements. | Tesco will continue to review the price of diesel subject to changes in oil markets and foreign exchange movements. |
| Fuel price calculator: How much do you pay? | Fuel price calculator: How much do you pay? |