Two of Britain’s biggest supermarkets – Morrisons and Asda – have cut the price of unleaded petrol to less than £1 a litre.
Both chains said they will start selling unleaded petrol at 99.9p a litre following recent falls in the price of oil.
The news comes as consumers are hit with news of an inflation rate of 5.2% – the highest in 16 years.
Falling oil prices
Unleaded petrol was being sold for a record 119.7p a litre in July, when a barrel of crude oil cost $143. But a slowdown in world demand has seen that figure fall to around $82 a barrel.
Asda trading director Darren Blackhurst said: ‘Drivers should not be paying more than 99.9p a litre for unleaded fuel based on current oil prices’.
Asda has also lowered the price of diesel across Great Britain and Northern Ireland to 110.9p a litre.
Lower fuel prices
Marc Bolland, chief executive of Morrisons, told Sky News: ‘The price of crude has fallen in recent days and, yet again, we’re passing this on to our customers.
‘We’re taking the lead again in cutting fuel prices and taking unleaded back below a pound a litre.’
The latest price cuts mean the cost of unleaded has dropped below £1 a litre for the first time since December 2007.
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