Petrol prices are plummeting across forecourts in Suffolk, Essex and the UK following a spat between Russia and Saudi Arabia.
Oil prices have been plunging over the past few weeks as the coronavirus spreads across Europe.
But they have also been heavily dented after 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.
MORE – ‘We refuse to give up’ - owner keeps pub spirit alive after coronavirus banThe 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.
Tesco in Stowmarket is charging £115.9p per litre for its petrol, and comparison website confused.com indicated it was same at Tesco Copdock, Ipswich.
The site showed prices at Tesco in Bury St Edmunds at 114.7p for petrol – the same price as for Asda Ipswich, Asda Bury St Edmunds and Asda Colchester. Morrisons at Sproughton, Ipswich, was also selling petrol at £114.7p.
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