Asda have reduced the price of fuel across their filling stations again today, cutting the price by 2p per litre on Unleaded and 1p per litre on diesel. The supermarket chain is also calling for the government to maintain the freeze on fuel duty in the Autumn Statement.
Asda’s October Income Tracker showed that falling fuel costs, along with falling food costs, continue to be one of the main drivers behind the rise in discretionary income (the money left over once essentials like bills, food and housing have been paid for).
The report shows that inflation on vehicle fuel is down by -14% compared with the same period last year and when the national picture is broken down, the falling cost of fuel and food is even more central to boosting household spending power in regions such as Scotland, Northern Ireland and the North East of England, and a rise in fuel duty would hit families in these regions hardest.
For example Northern Ireland has one of the strongest car economies in the UK and as a result households spend an average of £35 a week on fuel (way above the UK average of £24 a week) – so benefits the most of any other region in the UK when the prices of vehicle fuel fall.
Andy Clarke, Asda’s President & CEO said “There are undoubtedly green shoots at a macroeconomic level and our customers are cautiously optimistic which is why they continue to save, particularly at this time of year. With this in mind, we urge the chancellor to continue with a freeze on fuel duty in the Autumn Statement to avoid putting more pressure on family budgets.”