- Falling fuel costs, along with falling food costs, continue to be one of the main drivers behind the rise in discretionary income
- Asda Income Tracker shows that inflation on vehicle fuel is down -14% compared with the same period last year
- Regions such as Scotland, Northern Ireland and the North East of England, would be hit the hardest if there was a rise in fuel duty
- Asda cuts fuel by up to 2ppl on unleaded and 1ppl on diesel. New national price cap means drivers will pay no more than 103.7ppl on unleaded and 106.7ppl across its 273 filling stations
LEEDS, England, 2015-10-27 — /EPR Retail News/ — Asda today (Monday 26th October) once again led on reducing the price of fuel by up to 2 pence per litre on Unleaded and 1 pence per litre on diesel with the retailer also calling on the Government to maintain its freeze on fuel duty in next month’s 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.
With this in mind Asda is urging the Chancellor George Osborne to maintain the freeze in order to keep lowering the cost of driving for motorists. A rise in fuel duty would come at the worst possible time for customers as we approach the festive season.
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.”
Effective from today (Monday 26th October) Asda brings good news to drivers by dropping the price of unleaded by 2ppl and Diesel by 1ppl. Asda’s new national price cap means that unlike other retailers who work on ‘average prices’ – drivers will pay no more than 103.7ppl on unleaded whilst diesel remains at a national price cap of 106.7ppl.