Supermarket slashes petrol price

Last Modified: 21 Nov 2008
Source: PA News

Motorists were handed a further boost at the pumps as a supermarket cut the price of petrol to under 90 pence per litre.

Morrisons dropped the price of unleaded petrol to 89.9 pence per litre and also cut the price of diesel to 105.9 for the same amount.

The price cut is the latest in a recent spate of fuel price reductions following the high prices experienced earlier in the year.

The average price of petrol has fallen by record amounts over the past month, the AA revealed earlier this week.

Average UK prices dipped from 106.4p a litre in mid-October to 94.86p a litre in mid-November.

The 11.54p drop comfortably beat the previous record fall of 7.9p between mid-August and mid-September this year.

Diesel prices fell 8.86p a litre in the last month - dipping from an average of 117.68p a litre in mid-October to 108.82 in mid-November.

Crude oil fell below 50 dollars a barrel to its lowest level for three and a half years on Thursday amid fears over the impact of a global downturn on demand. Brent crude rose slightly on Friday, but was still below the 50 dollar benchmark.

Earlier this week several UK retailers announced they were cutting the price of petrol at the pump as retailers came under pressure to reflect the falls in the price of crude, which has plummeted from a 147 dollar high in July.

Asda's 10th consecutive cut since July brought petrol prices to their lowest level since April last year, at 90.9p per litre. Sainsbury's, Tesco, Total and BP all followed suit.

These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same.