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Supermarkets cut petrol price to below £1 a litre | |
(about 5 hours later) | |
Morrisons, Tesco and Sainsbury's have cut the petrol price below £1 a litre, the lowest UK price level, excluding special promotions, since 2009. | |
The supermarket chains will be selling petrol at 99.9p per litre and cutting diesel by 1p a litre. | |
The price of crude oil continues to fall, with Brent now below $40 a barrel and close to a seven-year low. | |
Asda is running a weekend 99.7p promotion on petrol, with diesel at 103.7p per litre until Sunday. | |
Morrisons moved first and was followed later in the day by Tesco and Sainsbury's. | |
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. | 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." | "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 would hold the price "for as long as possible" but that it remained subject to changes in the oil and currency markets. | The company said it would hold the price "for as long as possible" but that it remained subject to changes in the oil and currency markets. |
On Wednesday, automotive group the RAC said supermarkets should do the right thing" and pass on savings from falling oil prices. | On Wednesday, automotive group the RAC said supermarkets should do the right thing" and pass on savings from falling oil prices. |
There should be at least a 3p-a-litre drop for petrol prices and 5p for diesel, taking the average price to 103p and 104p respectively, it said. | There should be at least a 3p-a-litre drop for petrol prices and 5p for diesel, taking the average price to 103p and 104p respectively, it said. |
However, experts have warned that the falling oil prices are turning into "the nightmare before Christmas" for the oil industry. | |
KPMG says the expectation that the price will be "lower for longer" is stretching into 2016, and making companies in the oil sector less willing or able to operate high-cost fields. | |
Some companies are running out of options other than shutting down oil fields earlier than planned, or being sold at low valuations, head of oil and gas Mark Andrews said. | Some companies are running out of options other than shutting down oil fields earlier than planned, or being sold at low valuations, head of oil and gas Mark Andrews said. |
Fuel price calculator: How much do you pay? | Fuel price calculator: How much do you pay? |