Unleaded falls to 134.7p per litre, diesel falls to 139.7p per litre

Asda announced today that from tomorrow (Thursday 10th May) it is cutting an additional up to 2p a litre from the price of both unleaded and diesel. The move from Asda is the third price cut in the last three weeks, meaning its fuel prices have cumulatively dropped by up to 6p per litre.

From tomorrow (Thursday) drivers filling up at any of Asda’s 196 forecourts nationwide will pay no more than 134.7 pence per litre for unleaded and 139.7 pence per litre for diesel. This marks the first time since late February that diesel falls below the 140p per litre mark.

An ease in global oil prices coupled with the retailer’s ongoing commitment to help lower the cost of living will be good news for hard pressed motorists, with the cost of fuel hitting record highs in recent months. According to Asda’s own Income Tracker, the cost of transport is now one of the largest downward factors on falling disposable income. The price of fuel in particular has grown by double digits over the last year, forcing families to fork out between £20-£30 extra each week to fill up their car.

Unleaded falls to 136.7p per litre, diesel falls to 141.7p per litre

Asda announced today that from tomorrow (Friday May 4) it is cutting up to 2p a litre from the price of both unleaded and diesel, just in time for Brits hoping to get away for the bank holiday weekend.

An ease in global oil prices coupled with the supermarket’s ongoing commitment to help lower the cost of living will be good news for hard pressed motorists. The move from Asda is the latest price cut in the last three weeks, meaning its fuel prices have cumulatively dropped by up to 4p.

From tomorrow (Friday) drivers filling up at any of Asda’s 195 forecourts nationwide will pay no more than 136.7 pence per litre for unleaded and 141.7 pence per litre for diesel.

UK families £10 a week worse off in March 2012 than a year earlier UK

• UK families were £10 a week worse off in March 2012 compared to the same month a year earlier, the joint-lowest level of disposable income since November 2008
• Average UK household had £144 a week of discretionary income in March, 6.5 per cent lower than a year earlier
• Rising unemployment and persistently high inflation rate driving disposable income down
• Regional Income Trackers highlight widening disposable income gulf in UK

The latest Asda Income Tracker has revealed that family spending power fell by £10 a week in March 2012 – reversing the improving trend seen in recent months. This left the average UK family with £144 of weekly disposable income, 6.5 per cent down from the same time last year.

The official measure of the rising cost of living was up in February, as the consumer price index (CPI) rose over the year by 3.5 per cent, well above average earnings growth which remained weak at just 1.6 per cent. When slow income growth is added to high inflation on the cost of basics it’s clear that family spending power is being squeezed in both directions, resulting in disposable income levels eroding further.

As well as those that are in work seeing small year on year salary increases, well below inflation, tough conditions in the labour market mean unemployment is still having an impact despite slight year-on-year improvements in the headline rate. Balancing the two conflicting elements, family income growth is still very fragile, with the improving cost of basics overshadowed by the high number of workers becoming unemployed.

Despite some recent improvements in the cost of utilities and transport with a drop in wholesale prices and energy providers making cuts to bills in March, they are still two of the main factors putting pressure on discretionary spend. The cost of electricity and gas remains well above that of last year and are rising again by 8.1 and 16.1 respectively in March. Petrol and diesel prices by 4.2 and 4.7 per cent respectively over the year, with prices at the pump hitting an all-time high during the month.