Petrol prices plummet across Norfolk after row between oil producing nations

Petrol prices are falling, figures suggest Picture: GETTY IMAGES/ISTOCK

Petrol prices are falling, figures suggest Picture: GETTY IMAGES/ISTOCK - Credit: Getty Images/iStockphoto

Prices at the pump have taken a tumble in Norfolk and the UK after a spat between Russia and Saudi Arabia sent them into a downward spiral.

Oil prices have been plummeting during the past few weeks as the coronavirus spreads across Europe.

But they have also been severely dented because Saudi Arabia – which produces around 10% of the world’s oil – decided to slash prices and ramp up its production in a trade war with Russia.

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The price of a barrel of Brent crude oil – which is measure most often used – has fallen by around 60% since the beginning of the year.

Supermarket giants Morrisons and Asda are slashing fuel prices by 12p a litre for petrol and 8p for diesel. Morrisons described it as “the biggest fuel price reduction in recent times”.

Latest government figures show the average price for a litre of fuel at UK forecourts on March 16 was 120.3p for petrol and 124.4p for diesel.

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The price at the pump at Morrisons and Asda in Norwich and Great Yarmouth is £114.7p a litre, according to price comparison site Asda Lowestoft is £114.8p. Tesco in Norwich and Great Yarmouth are selling petrol at £114.9p.

Sainsburys Thorpe St Andrew, Norwich petrol is pegged at £115.9p.