Supermarket giants Morrisons and Asda have cut the price of the petrol they sell in response to a recent drop in the price of oil.
Morrisons was the first to make a move. The chain prices its petrol on a local basis and has said that all of its 285 petrol forecourts across the country would introduce the lower prices immediately, to a national average of 107.7p for unleaded and 119.2p for diesel.
Morrisons’ petrol director Phil Maud told the Press Association: "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. 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."
Asda was independently planning to make a petrol price cut and when it heard of its rival’s action brought forward its plans. It cut its fuel prices to 106.9p a litre for unleaded and 118.9p for diesel.
Asda’s trading director Darren Blackhurst was quoted by the Daily Mail as saying: "Unlike our rivals, we don’t hide behind local pricing."
Written by Peter Sweden