Morrisons slashes petrol price to below £1 per litre for the first time since February 2016
MORRISONS has cut the price of petrol to below £1 per litre for the first time since 2016, starting a supermarket price war.
From today, the price of unleaded petrol has been slashed to a maximum of 99.7p per litre at all of its forecourts across the UK.
It's the first time petrol has been sold nationally for under £1 per litre once since the 2008 financial crisis.
In February 2016, average prices fell to 102.8p per litre but supermarkets were charging less.
The price of crude oil has plummeted to negative figures for the first time in history due to the coronavirus outbreak, as demand drops worldwide during national lockdowns with planes remaining grounded and fewer drivers on the road.
The price of a barrel of crude oil slumped to less than $1 (80p) in mid-April - making it cheaper than a packet of sweets.
Some independent forecourts have already dropped prices to below £1 per litre.
It's the first supermarket to slash pump prices so low and others are expected to follow suit later today.
Morrisons has also cut the price of diesel to £104.7p per litre.
Elsewhere in the UK the average price for fuel still stands at 108.74p per litre for petrol and 114.26ppl for diesel, according to RAC Fuel Watch.
Drivers can take advantage of the cheap fuel from all 337 of the supermarket's forecourts from today, which Morrisons says will save motorists £4.50 filling up a typical 50-litre tank.
Ashley Myers, head of fuel for Morrisons, said: "This cut will help people who are travelling to work, those shopping for essentials, and those assisting the elderly and vulnerable.
"We want to play our full part in reducing the cost of living and feeding the nation at this difficult time."
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Back in March 2020, fuel prices saw their biggest weekly fall since records began due to the pandemic, combined with a trade war between the two major producers, Saudi Arabia and Russia.
As a result, experts predicted petrol prices could slump to historically low levels.
Latest figures from the Department of Transport, released last month, show filling up a 55-litre family car is around £10 cheaper today than in late January.
Ways to cut down on your fuel costs
HERE are some tips on how you can slash the cost of fuel
- Make your car more fuel-efficient. You can do this by keeping your tyres inflated, taking the roof rack off, emptying your car of clutter and turning off your air con when driving at lower speeds.
- Find the cheapest fuel prices. PetrolPrices.com and Confused.com allows you to search prices of UK petrol stations. All you need to do is enter in your postcode and tell it how far you want to travel (up to 20 miles).
- Drive more efficiently. Some ways to do this, include:
- Accelerate gradually without over-revving
- Always drive on the highest possible gear
- If you can, allow your car to slow down naturally as your brake is a money burner
- Re-starting your car is expensive, if you can keep moving