Supermarkets Are Dropping Price of Petrol

The video discusses the recent decline in fuel prices for the first time in nearly three years, highlighting the government's role in ensuring these reductions reach consumers. Government Minister Danny Alexander emphasizes the importance of passing on global oil price reductions to consumers. Major retailers like Asda, Tesco, and Sainsbury have responded by lowering prices, although they use petrol as a loss leader to attract shoppers. The video also explores the benefits for consumers and businesses, while addressing refinery issues that may affect future price reductions.

What significant change in fuel prices is discussed in the first section?

• Fuel prices have decreased for the first time in three years.

• Fuel prices have remained stable for the first time in three years.

• Fuel prices have fluctuated wildly for the first time in three years.

• Fuel prices have increased for the first time in three years.

What is the role of retailers like Asda, Tesco, and Sainsbury in the context of fuel prices?

• They have maintained prices despite changes in world oil prices.

• They have stopped selling fuel due to price instability.

• They have increased prices to match world oil prices.

• They have reduced prices as a response to falling world oil prices.

What strategy do grocery retailers use when selling petrol?

• They sell petrol at a break-even price to maintain market share.

• They sell petrol at a loss to attract customers to their stores.

• They sell petrol at a profit to increase revenue.

• They sell petrol at fluctuating prices to match competitors.

What is expected to happen once refinery issues are resolved?

• Petrol prices will fluctuate unpredictably.

• Petrol prices will decrease more rapidly.

• Petrol prices will remain the same.

• Petrol prices will increase significantly.

How are consumers and businesses expected to benefit from the current fuel price trends?

• They will see no change in their expenses.

• They will benefit from lower prices for several months.

• They will experience unpredictable price changes.

• They will face higher costs for several months.