The price of petrol in the UK will drop to below £1 a litre at over 300 petrol stations today – the lowest price level since 2009.
Morrisons will be selling unleaded petrol at to more than 99.9p per litre and the price of diesel will be cut by at least 1p a litre.
The decline in petrol prices comes following a slump in the price of crude oil. Brent crude was trading at $39.87 per barrel yesterday – almost 40 percent lower than $65 per barrel last year. In 2008 Brent crude was trading at $145 a barrel.
Only three years and a half years ago petrol cost consumers 137.3 pence – it is now around 27 percent cheaper.
Morrisons’ petrol retail director Bryan Burger said: “Today, for the first time in more than six years, we are moving unleaded prices down to below £1 a litre.
“This is a moment where motorists will feel some relief after being clobbered by tax and price rises for the last decade.”
The company said it plans on holding the price “for as long as possible”.
Other major retailers in the UK have followed suit and are offering similar price cuts.
Asda is cutting the price of unleaded to 99.7p per litre until midnight on Sunday. Diesel will drop to 101.7p.
Andy Peake, Asda’s Senior Petrol Director, said: “For the second time this week we’re giving drivers a festive fuel boost and investing in a further price drop, meaning drivers can now benefit from fuel as low as 99.7p in the crucial run-up to the festive period.”
RAC Fuel Watch spokesman Simon Williams said: “Another promotional cut to enable motorists to buy petrol at under £1 will no doubt bring early Christmas cheer to many.
“But we would like to see this price being held for longer than three days with oil under $40 a barrel and the wholesale price of unleaded down.
“As we have said this week we believe that petrol for £1 or under will be a common sight in the run-up to the Christmas.”
