Morrisons has announced a major fuel price reduction with the supermarket chain axing unleaded costs by 12p per litre. Diesel costs have also been reduced by Morrison’s by 8p per litre with the savings set to come into effect across Morrisons forecourts across the UK today.
“This reduction in fuel prices will help motorists to save money at this difficult time. It’s more than our job.”
So far, Morrisons and Asda are the only retailer to make the giant savings but this could lead to other supermarkets following suit.
AA Fuel expert Luke Bosdet said: “Such a huge cut in pump prices is very welcome. It is one of the few bright spots in an otherwise gloomy outlook.
“We know that Asda had dropped their prices by a similar amount early this morning and this should unlock the pump price logjam.”
Asda and Morrisons cut their petrol costs by 2p per litre two weeks ago as they passed on wholesale price savings to customers.
That reduction was later copied by fellow competitors Sainsbury’s and Tesco who did not want to lose out to competitors.
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Asda claims they have cut its prices by 11p per litre since January as overall fuel pump prices fell to dramatic lows.
Speaking to Express.co.uk, FairFuel founder Howard Cox said: “Our pressure is starting to bear fruit.
“There’s no excuse for all supermarkets not to follow and the independants must also pass on the massive wholesale falls since Christmas.
“12p is a good start, but there’s room for a further 5p drop at the pumps.”
Government data has revealed fuel prices have fallen for six consecutive weeks since the coronavirus pandemic swept across the UK.
However, campaigners have claimed some retailers and suppliers are still holding savings back from customers.
Last week, FairFuel claimed supermarkets were still holding back up to 30p per litre worth of savings from customers.
Over the weekend the AA projected fuel costs could soon fall to just £1 per litre if extra wholesale oil savings were passed onto motorists.
The experts warned wholesale prices were heading towards levels last seen at the end of 2008 during the financial crash.
Mr Bodet claimed the AA and other motoring organisations would push for a review of the fuel market by competition authorities unless further savings could be made.
Published at Mon, 23 Mar 2020 12:50:00 +0000