Supermarket fuel prices cut by 2p a litre
The big four supermarkets, including Tesco, Morrisons and Sainsbury’s have announced that they are cutting their fuel prices by 2p a litre starting today. The announcement is likely to spark a price war across the UK between major retailers which could result in prices on every forecourt coming down.
The decision is following a four month price war with consecutive rises; with the average price of petrol in the UK at 120p per litre, while diesel is 122.9p per litre, according to the latest Government figures. The cut is due to global oil prices slipping to their lowest level in three months. Crude oil prices dropped from $55 per barrel to approximately $51 per barrel, near its lowest level since the end of November 2016 according to news agency Reuters.
Supermarket chain Morrisons took to Twitter to announce its price cut. Richard Fogg, Morrisons services director said: “We will always aim to drop prices as soon as we can and always keep them far below the UK average”
Sainsbury's is cutting the price of petrol and diesel by up to 2 pence per litre across its 305 forecourts. Izzy Hexter, Sainsbury’s Fuel Buying Manager, said: "Over half our forecourts have already reduced the price of fuel by up to 2ppl and customers will see further reductions in our remaining forecourts on Wednesday 15th March.”