Tesco has announced a significant reduction in petrol and diesel prices across its network of over 500 filling stations nationwide. From Friday evening, June 19, the supermarket chain is cutting 5p per litre off diesel and 2p per litre off unleaded petrol.
Global Oil Price Decline
The price cuts come amid a fall in global oil prices this week, following a preliminary agreement between the United States and Iran to extend their fragile ceasefire and reopen the Strait of Hormuz. The waterway, a critical route for international oil shipments, had been effectively closed for months after US and Israeli attacks on Tehran in late February.
Impact of Geopolitical Tensions
US President Donald Trump justified the attacks as necessary to end Iran's nuclear weapons programme and bring about regime change. The strikes on Tehran, Iran's retaliatory attacks on US allies, and the closure of the Strait of Hormuz sent petrol and other costs soaring. However, recent breakthroughs in talks have eased pressure on oil prices, sparking hope for relief from broader cost increases.
Tesco's Commitment to Value
Tesco UK CEO Ashwin Prasad said: “At Tesco we are always looking at how we can deliver great value for our customers, and the extra ways we can help them make savings. By cutting the price of petrol and diesel we hope we can bring down bills and make life a little easier for families, just in time for the weekend.”
Additional Customer Savings
The fuel price cut is part of Tesco's broader efforts to help customers save money. The supermarket recently launched Freebie Thursdays, offering millions of coupons for free products to Clubcard members this summer. It also expanded its Aldi Price Match scheme into Tesco Express convenience stores earlier this year.
