Supermarket cuts fuel prices by up to 12p a litre

Morrisons has reduced its fuel prices by 12p per litre for petrol and 8p per litre for diesel.

Monday, 23rd March 2020, 12:45 pm
Updated Monday, 23rd March 2020, 12:46 pm

The supermarket described the move as "the biggest fuel price reduction in recent times".

Oil prices have plunged in the past few weeks since Covid-19 took hold across Europe.

They were also heavily dented when Saudi Arabia, which produces around 10% of the world's oil, decided to slash prices and ramp up production in a trade war with Russia.

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The supermarket described the move as "the biggest fuel price reduction in recent times".

The price of a barrel of Brent crude oil, the most used measure, has fallen by around 60% since the beginning of the year.

It slipped another 5.7% to 25.53 US dollars per barrel on Monday.

Latest Government figures show the average price for a litre of fuel at UK forecourts on March 16 was 120.3p for petrol and 124.4p for diesel.