Supermarkets Asda and Sainsbury’s set to slash fuel prices by 6p per litre

Supermarket chains could be selling fuel by around 6p per litre cheaper.

Asda and Sainsbury's are among the chains who are set to slash the costs of petrol and diesel today.

It comes after Chancellor Rishi Sunak announced a fuel duty cut in yesterday's (March 23) Spring Statement.

Fuel duty is being slashed by 5p until March next year, but supermarkets are including a 1p reduction in VAT.

The decrease will hopefully reduce the price of filling up an average car by more than £3.

These price changes came into effect at forecourts from 6pm on Wednesday night.

However, the time might have varied across the countries.

Asda was the first major retailer to confirm a price drop with a 6p per litre reduction in petrol and diesel.

Sainsbury's also cut petrol prices by the same amount across all of its 315 garages.

It is believed Tesco will be dropping fuel prices by 6p per litre as well.

As for Morrisons, the supermarket confirmed prices at the pumps will drop by 5p per litre from 6pm last night.

Speaking last night, Sainsbury's boss Simon Roberts said: "We understand that the cost of living is a real challenge for many households and we are committed to helping our customers as much as we can.

"We welcome the Chancellor's announcement which will save motorists money and we are passing the cut to fuel duty to our customers at the pumps across every single one of our 315 forecourts."

The RAC had warned it might only be reflected in pump prices once retailers purchase new fuel at the lower rate.

But Sainsbury's and Asda both said they will charge the lower price on fuel bought at the higher rate.

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In Mr Sunak's Spring Statement yesterday he also discussed changes to the tax system in a bid to tackle the cost of living crisis.

He said the earnings threshold at which people start paying National Insurance tax will be raised from £9,500 to £12,500.

The government is also doubling the Household Support Fund to £1billion.

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