Tesco has announced it is cutting the prices of petrol and diesel at its hundreds of filling stations nationwide. From this evening (Friday, June 19) the supermarket chain is cutting 5p off a litre of diesel and 2p off a litre of unleaded petrol across every one of its more than 500 Tesco filling stations across the UK.

The move comes amidst a fall in global oil prices this week, following the signing of a preliminary agreement between the United States and Iran to extend their fragile ceasefire and open the Strait of Hormuz. The waterway between the Gulf of Oman and the Persian Gulf is a vital route for international oil shipments which has been effectively shut for months following the US and Israel‘s late February attacks on Tehran.

US President Donald Trump has given various justifications for the attacks, including the stated aim of ending the threat posed by Iran’s alleged efforts to develop nuclear weapons – a claim the Iranian regime denies.

The strikes on Tehran, the retaliatory attacks by Iran on neighbouring allies of the US, as well as the Iranian regime’s de facto closure of the Strait sent petrol and other costs soaring.

The news of a potential breakthrough in talks between Tehran and Washington in recent days has eased the pressure on oil prices, sparking hope that some relief from the bruising wider cost increases could soon follow.

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.”

Tesco says the fuel price cut is just one way it’s helping customers, having recently launched Freebie Thursdays, a scheme that will see millions of coupons given away for free products to Clubcard members this summer.

It also expanded its Aldi Price Match scheme into Tesco Express convenience stores earlier this year.