May 11, 2020

Morrisons cuts petrol price to below £1 a litre

Morrisons has become the first major retailer to cut the price of petrol to below the £1 per litre threshold at all of its forecourts across the UK. The move comes after oil prices fell to an 18-year low last month, with some questioning why it took retailers so long to pass on the saving. Morrisons said for a typical 50-litre fill up, customers will save £4.50 compared to the current national average price of petrol. In April, some filling stations around the country had been reportedly offering petrol at less than £1, but this is thought to be the first time a national chain has sold petrol throughout the UK below the threshold since February 2016.Why are prices falling? The AA said that reductions in the wholesale price of petrol many weeks ago should have brought the UK's average pump price down to £1 a litre already. Another factor propping up the price of fuel is that the biggest proportion of the money you hand over for a litre of petrol goes to the government in the form of tax.

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