Fuel station in Birmingham starts selling petrol for UNDER £1 per litre as oil price falls
A FUEL station in Birmingham is selling petrol for under £1 per litre as wholesale prices fall lower than they were during the 2008 financial crash.
The forecourt on the A435 between Kings Heath and the Maypole is now charging 99.7p a litre, according to the .
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UK drivers have only seen prices drop so low once in the past 12 years, when in January and February 2016 average prices fell to 101.8p per litre but supermarkets were charging much less.
It comes days after experts predicted that prices would drop below £1 per litre following an "unprecedented" supermarket price war on Monday.
Both Morrisons and Asda sliced up to 12p off per litre of petrol and 8p off a litre of diesel.
The price of crude oil has continued to slide due to the coronavirus outbreak, with Brent crude changing hands 1 per cent lower at £23.09 a barrel earlier this week.
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There are fewer drivers on the road now that the UK is in lockdown and as a result, less demand for fuel.
The grounding of airlines while many countries enforce "all but essential travel" bans has also had an impact on fuel prices.
The Birmingham fuel station is the first to drop prices below £1.
Usually, it's the major supermarkets that lead the way in driving prices down with independent forecourts following suit.
During the 2008 financial crash, it was also two independent fuel stations, one in Scotland and one in the Midlands, that first broke the below the £1 litre mark, according to the AA.
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Luke Bosdet, the AA’s fuel price spokesman, expects other retailers to follow shortly.
But he warns: "Drivers need to remember that falling pump prices shouldn’t be an incentive to break the lockdown.
"But, where there is a chance to cut costs for beleaguered households whose income has fallen dramatically due to the impact of coronavirus, cheaper petrol and diesel is very welcome."