Morrisons Sparks Fuel Price War

Fri, 19 Sep 2008
 
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Morrisons has cut the cost of petrol at its UK forecourts by 3p a litre, sparking a supermarket petrol price war.

The supermarket chain yesterday announced prices would immediately drop to a national average of 107.7p for unleaded fuel and 119.2p for diesel at all 285 of its petrol forecourts across the country.

The retailer said the reduction - its fourth in the past two months - was in response to the recent drop in the price of a barrel of oil, which has fallen from a peak of $147 in July to around $95 this week.

"The cost of crude oil has dropped in recent days and we are now starting to see those falls being reflected in the price of the refined product as well," said Morrisons petrol director Phil Maud.

"As we always do, we pass those savings on to our customers as soon as we can and that's what we are doing today," he added.

Rival supermarket chain Asda has responded by cutting its fuel prices to 106.9p a litre for unleaded and 118.9p for diesel, while Tesco said it would look to match prices locally.

Fuel giant BP said it would drop prices at most of its UK sites by "as much as 3p a litre", with Shell and Esso also expected to announce similar moves over the coming weekend.

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