Author: Abbi Rouse Added: July 30, 2008
Three major UK supermarkets have announced cuts to petrol prices in an effort to help consumers struggling with soaring fuel costs, rising inflation and the credit crunch. Asda said yesterday that it would cut prices at the pump by as much as three pence per litre. It said the move had been made possible by recent falls in global oil prices. As such, the group expressed its commitment to passing on these savings to consumers. So too, diesel prices will also be lowered as part of the move, which will affect all of the supermarket's 170 petrol stations across the country. Meanwhile, Sainsbury's customers will also be able to benefit from petrol price cuts from tomorrow. They are also planning to reduce the price of a litre of fuel by a further 5 pence for anybody spending 50 pounds or more in the store. And from next week, Morrisons will also be dropping prices, with a four pence reduction expected to be enacted on Monday July 28th. The moves follow a period of rapid fuel price inflation that may have left many consumers struggling to keep their vehicle on the road. According to recent statistics from PetrolPrices, in some parts of the country fuel costs have risen by as much as 50 per cent in the past six months. For those who have been unable to keep up with the demand that such pressures are placing on their finances, taking out a debt consolidation loan may prove to be of assistance in making sure that their fiscal health does not ail further in a worsening economic environment. By applying for such a loan, consumers could find that they can spread their debt repayments over a longer term, and help towards reducing the strain on their monthly budgets. Indeed, according to moneysupermarket, many Britons are beginning to feel that every penny counts in today's financial climate. According to Tim Newhouse, spokesperson for the group, the recent moves by Asda, Sainsbury's and Morrisons will be welcomed by many people who are struggling with current petrol and diesel prices. He explained: "In times like these, every penny and every pound counts for people, so any gesture from anyone is an important one. It is likely that (the supermarkets) are intentionally going to make less profits from the fuel sales, as a highly effective marketing tool to bring more customers to their stores. Obviously, if the price of oil goes up the price of petrol will go up, but the supermarkets will continue to make smaller profits from their fuel." Mr Newhouse went on to urge the government to follow suit and cut taxes on fuels to help people further. He insisted that while global oil prices affect the amount consumers pay for fuel, the amount that is levied in taxes is also a significant factor. "The supermarkets are cutting their profits on petrol to the bare bones, while the government's making about 70 pence per litre," he claimed. Elsewhere, a recent report by uSwitch has indicated that younger drivers may be finding it particularly difficult to keep their vehicle on the road. Further research from the company showed that those motorists are paying on average 989 pounds for their yearly insurance cover.
--- Abbi Rouse writes for AllAboutLoans.co.uk, an online loans comparison site, visit us today for information on all loan topics including secured loans UK applications and home loans from all leading UK providers. Our Site: http://www.allaboutloans.co.uk
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