Following a slump in wholesale prices, oil dealers have been asked to charge drivers 5p less per litre of petrol within the next 15 days.

Wholesale prices for petrol have dipped nearly 7% from last week, now resting at $1,133 (£705) per ton, and fuel firms should take note of the reduced price and bill accordingly, Automobile Association spokesman Luke Bosdet said.

Supporting the price cut, Bosdet said it is justified given that average Brits are spending £72 to refuel their vehicles, which is equal to what they spend on food.

“If the wholesale petrol price holds or continues to crash, the UK pump prices should fall at least 4p in the next fortnight. With VAT that rises to 5p”, Bosdet said.

The petrol market is regulated by BP and Asda, with the former charging 143.73p per litre while the latter still sticking to 139.31p per litre. Asda prices are reportedly the cheapest at present, more than 3p lesser than the national average of 142.88p per litre.

The current drop in petrol prices has been triggered by the prevailing instability in the global oil market, sources have revealed, adding that diesel prices are also likely to tumble.

Meanwhile, Acas is expected to hold talks between petrol tanker drivers’ union and employers from six distribution companies on Monday, in an attempt to prevent strike action.

“We remain committed to reaching a negotiated settlement”, Diana Holland of Unite said, indicating that without a satisfactory negotiation, the call for industrial action may just be a matter of time.

Despite holding six talks so far, the two opposing parties are yet to arrive at a settlement.