Asda commercial property supermarkets have lowered the price of fuel on their petrol station forecourts by up to 2p a litre, which will be welcome news to the hard-pressed drivers in the UK. Following a turbulent March, which saw many commercial property petrol stations forced to close due to emptied pumps, fuel prices have been a major focus of public interest.
Rumours of a tanker drivers strike triggered a wave of panic buying across the country, and the flames were fanned by MPs suggesting people “filled a jerry can” and kept it in their garage. Not only is this highly dangerous, but the extra demand for fuel meant that many commercial properties lost custom and were forced to close their forecourts. One of the worst hit areas in the country was Dorset, where police asked several commercial property petrol stations to close to prevent accidents whilst queuing.
In turn, this caused huge debate over the high cost of fuel most Britons have to face in order to commute to their commercial property place of work. Because of the panic buying, the cost of petrol rose by 4p in just two weeks, meaning both unleaded petrol and diesel had reached record highs by early April. In fact, in a study jointly conducted by This is Money and commercial insurance specialist Staveley Head, it was revealed that Britain has the seventh highest petrol costs in the world, with the average person spending a whopping 10.3 per cent of their income on filling up their tank, based on an average monthly spend of £171.49.
Unfortunately, this does not look to change any time soon, as yet another fuel duty rise of 3.02p per litre is set to take place in August. However, this could increase even more if the price of Brent crude oil rises again. This could see commercial properties nationwide suffer, as fuel price increases tend to mean the cost of essentials must also rise. Small businesses, with less than 20 employees in their commercial property, tend to be hit hardest in these situations, especially in the retail sector.
At least large commercial property supermarkets are beginning to realise that lowering prices could actually generate more income for their stores. With less money spent on petrol, consumers will be able to treat themselves to luxurious non-essential items and the majority of profits will go to the commercial property company, as opposed to the Government in the form of fuel duty.
Asda’s 2p per litre price drop may not allow us all to rush to our nearest retail commercial property to buy the latest must-have gadgets, but with the average fuel tank holding between 45 and 50 litres of petrol, the savings will soon start to add up.
Asda’s director of petrol trading, Andy Peake, says; “We’re chuffed to be offering a third price move in as many weeks to hard-pressed motorists running on empty.”
It seems, then, that Asda commercial properties will profit greatly from offering lower prices to motorists, due to the number of motorists wishing to save some much-needed money. And with commercial property companies such as Tesco, Sainsbury’s and Morrisons expected to emulate the UK’s third largest supermarket chain in lowering fuel costs, it seems the battle at the pumps is truly on.
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