SUPERMARKETS in the Scottish Borders have all lowered fuel prices in response to Chancellor Rishi Sunak’s Spring Statement yesterday which included a 5p per litre reduction in fuel duty.

The cut will be in place for a year as petrol and diesel costs continue to rise globally partly fuelled by Russia's invasion of Ukraine.

Fuel duty was previously levied at a flat rate of 57.95p per litre for both petrol and diesel. VAT at 20% is then charged on both the product price and the duty.

On Tuesday, the average cost of a litre of petrol at UK forecourts was 167.3p, the latest figures from data firm Experian Catalist show which was another record high.

Asda said in a statement: "The supermarket will reduce the price at the pumps by 6p per litre which includes a 1p reduction in VAT. The new prices will be implemented from this evening. (Wednesday March 23 2022)

 “This means that motorists will see unleaded move back below £1.60 and diesel to £1.70"

This morning the prices at Asda in Galashiels were £1.58.7 for a litre of unleaded and £170.7 for a litre of diesel.

Border Telegraph: Asda GalashielsAsda Galashiels

Other supermarket chains also introduced an immediate lowering of prices.

Simon Roberts, Chief Executive Officer, Sainsbury’s, said: “We welcome the Chancellor’s announcement today 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 from tonight.”

Morrisons chain tweeted: "Following the Chancellor's announcement fuel prices at all Morrisons Petrol Station pumps will reduce by 5p per litre from 6pm tonight."

Tesco also reduced the price of fuel at their petrol filling stations by 6p with the new prices rolled out across sites from last night.