Supermarkets in petrol price drop
16 October 2008
- Adsa/Morrisons selling petrol at 99.9p
- Others also drop prices
- Average still 106.9p
The credit crunch is biting, recession is on the way, and unemployment, inflation and home repossessions are on the rise, but there is some good news – you can now buy petrol for less than £1 a litre.
The fall below the 100p-mark was triggered yesterday, when Adsa reduced the price of a litre of unleaded fuel to 99.9p
Morrisons followed suit, Tesco cut its price to 102.9p, and BP, Shell and Total have all since dropped their prices, too.
It's not all good news; the average price of a litre of unleaded is still up at 106.9p.
The AA said: 'We suspect that these prices are right on the edge, if not below, the point that retailing petrol remains profitable. This will be hard for other retailers to match.'
Yesterday, crude oil was trading at just over $70 a barrel, which is half the price of what it was selling at in June.
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