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Morrisons and Asda are cutting the price of fuel

Supermarket giants Morrisons, Asda and Sainsbury's are ..

Supermarket giants Morrisons, Asda and Sainsbury's are all slashing fuel prices following greater pressure to pass a drop in wholesale prices onto customers.

The three retailers announced a cut in the price of unleaded fuel by up to 3p per litre and diesel by up to 2p per litre.

Despite wholesale costs declining by roughly 2.5p per litre since 24 May, there has been a continued rise in fuel prices at the pump since late April.

Read more: Oil prices slide as US and Russia boost production ahead of Opec meeting

The drop in prices for consumers was welcomed by RAC spokesman Rod Dennis, who said: "At last, retailers have done the right thing and started to cut prices at the pumps. From our data, we could see no justification for them holding on to savings that they have been benefiting from for three weeks."

He added: "With petrol prices rising at their fastest rate in 18 years last month, millions of households and businesses will have been feeling the effect of having to spend more on what is an essential purchase for many. Todays cuts should bring some welcome relief."

Rising output from Russia, along with increased US drilling and a potential end to the Organization of the Petroleum Exporting Countries (Opec) restriction on production, are primarily behind the reduced costs in wholesale oil.

Read more: Oil buffer faces a historic squeeze if crude output rises next week

Asdas chief executive Roger Burnley said: "We know that the cost of living is centre of mind for our customers and we will always do whatever we can to reduce that burden."

Jamie Winter, Morrisons services director, said: "Were passing on savings resulting from falling oil prices and keeping our fuel prices far below the UK average."

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