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Petrol and diesel prices in the UK have dropped to their lowest in five years, as supermarkets have been engaged in a fuel-price war.

Over the weekend, a petrol station in Birmingham became the first in the UK to sell petrol for under £1 per litre.

In response, Tesco, Asda, Sainsbury’s and Morrisons all announced that they were shaving 2p a litre off their petrol and diesel prices.

Tesco were first to strike in the price cutting wars, with its cut to 103.9p a litre for petrol coming into force on Monday afternoon.

The three other supermarkets followed suit from Tuesday, with Asda introducing a national cap of 103.9p per litre for unleaded or 110.7p per litre for diesel at any of its forecourts.

Consequently, fleet managers now have a real opportunity to make some significant savings to their fleet’s operating costs.

Steve Black, CVSL Marketing Manager, comments: “This is great news for fleet managers up and down the country, but they need to remain on the ball. With a bit of research they can find the best prices available locally and use fuel cards to make additional savings.”

“2p a litre may not sound like a massive discount, but for a fleet of 100 cars with an average tank size of 50 litres filling up each car once per week could equate to a saving of £100 – which is over £5000 per annum. And that’s in addition to the savings that they have already benefited from with the recent price drops.”

“Our personal-use customers can also benefit. Sign up for fuel alerts online and pay close attention to any that offer loyalty points schemes, leading to further savings.”