Monday 23 March 2020 12:09 pm

Morrisons cuts fuel prices as oil prices dip lower

Supermarket Morrisons has announced a reduction in forecourt fuel prices.

Effective from today, unleaded and diesel will be reduced by 12 and 8p a litre respectively.

Morrisons said this will save the average customer £6 on unleaded and £4 on diesel.

Although prices vary locally, Morrisons currently charges 116p a litre for unleaded and 118.5p a litre for diesel.

Read more: Fuel prices fall on back of coronavirus crisis

Ashley Myers, head of fuel for Morrisons, said: “We are playing our full part in reducing the cost of living and feeding the nation.

“This reduction in fuel prices will help motorists to save money at this difficult time.”

Motoring groups also backed the reduction.

“These savings will directly benefit those people who continue to rely on their vehicles for essential journeys.

“It is vital however that drivers heed government advice and only travel if it absolutely needed,” RAC fuel spokesman Simon Williams said.

Luke Bosdet, the AA’s fuel price spokesman also backed the move and told City A.M Asda have also dropped their fuel price by a similar amount.

Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
“The key benefit of the slashed prices is in reducing costs for deliveries as online and other firms work hard to keep goods moving and consumers supplied,” he said.

This comes as the international oil price remains low due to coronavirus and the Russia Saudi Arabia price war.

The price of Brent crude fell three per cent to around $26 a barrel today.

Before the outbreak, these factors had already seen supermarkets cutting their fuel prices.

However, the RAC also warned of the impact supermarket price cuts could have on smaller, independent, petrol stations who cannot cut their prices as quickly and operate in areas less served by supermarkets.

Read more: Asda donates money to help food banks during coronavirus crisis as supermarkets offer new jobs

Leading supermarkets have also announced the recruitment of thousands of new staff to keep shelves stocked during the crisis.

It is hoped many of those hired will be from industries such as hospitality which have been adversely affected by coronavirus.

Share