THREE supermarket giants are cutting the price of unleaded petrol after a drop in wholesale costs.

Asda was the first to announce a reduction of up to 2p per litre, bringing its national price cap down to £1.14 per litre.

This was later matched by rivals Sainsbury’s and Morrisons. The lower prices will be effective from today. The cost of filling up diesel vehicles at the retailers is unchanged.

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Average unleaded prices across the UK reached a six-month high of £1.19 in recent weeks, according to figures from the Department for Business, Energy and Industrial Strategy while diesel forecourt prices hit the £1.21 mark, which had not been seen since early May.

RAC fuel spokesman Simon Williams said: “Despite a similar cut in late September the conditions have been right for a further reduction for nearly two weeks so it’s a shame in the interests of price transparency this hasn’t come sooner.

“There are good signs that prices could go lower still.”