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Wales Online
Wales Online
National
Cathy Owen

Supermarket slashes petrol price to below £1 per litre for the first time since 2016

Supermarket Morrisons has slashed its price of petrol to below £1 per litre for the first time since 2016.

From Monday, the price of unleaded has been brought down to a maximum of 99.7p per litre, and diesel down to £104.7p per litre across all of the 337 filling stations in the UK.

It is the first time petrol has been sold for under a £1 since February 2016.

The price drop means filling a 55-litre family car is around £7 cheaper than seven weeks ago.

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."

The reduction in the cost of fuel has been driven by a collapse in oil prices due to lower demand as global economies shut down because of the coronavirus pandemic.

Brent crude oil was trading at around 64 US dollars per barrel at the beginning of the year but sunk to under 19 dollars last month.

The price hovered around 31 dollars per barrel on Monday morning.

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