Morrisons has cut petrol prices below £1 a litre for the first time since the Brexit vote - sort of

 
Emma Haslett
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It seems supermarkets are already getting carried away by Black Friday: today Morrisons said it was cutting petrol prices to below £1 a litre for the first time since the Brexit vote. Well, sort of.

The supermarket said it's reducing the price of unleaded to 99.9p at 333 forecourts from today.

But there is a catch: only those who spend more than £50 at Morrisons supermarket customers can get that price - otherwise, it's 109.9p. And the deal only lasts until 3 December.

Meanwhile, those filling up with diesel will also benefit from a cut of 10p per litre - but it'll be more than £1 per litre.

According to petrolprices.com, the average petrol and diesel price has hovered around £1.10 since the EU referendum in June.

Data from Experian Catalist showed the average price of unleaded petrol rose to 116.9p in mid-October, the first time in a year petrol prices had risen over 115p.

The RAC had suggested increasing oil prices and falling sterling had worked together to push up prices.

"Since the end of September, the average price of a litre of unleaded has increased by nearly 3p to 114.99p, with diesel up 3.32p to 116.66p per litre," said RAC fuel spokesman Simon Williams.

In the short term, things might not improve: the pound fell 0.5 per cent against the euro in early trading today, to €1.1601, while the price of a barrel of Brent crude oil rose 1.2 per cent to $47.41. Make the most of cheap petrol while you can...

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