Petrol drops to less than £1 a litre

PETROL prices in Suffolk today fell to below £1 a litre as a supermarket price war broke out on the forecourt.

PETROL prices in Suffolk today fell to below £1 a litre as a supermarket price war broke out on the forecourt.

Prices at both Asda and Morrisons stores fell to 99.9p a litre for unleaded at stores in both Ipswich and Felixstowe.

The drop is expected to result in other supermarkets and oil companies following suit with Sainsbury's expected to announce price cuts today.

The cost of unleaded came down from 104.9p a litre and the price of diesel has also dropped - from 116.9p a litre to 110.9 at Asda and 111.9p at Morrisions

This is the first time since last autumn that petrol has been under £1 in the UK, with unleaded going over 120p a litre and diesel over 130p during the worst of this year's price rises.

The price of oil on world markets yesterday fell from a high of around 147 US dollars a barrel earlier this year to a 14-month low of around 75 dollars.

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In September last year, unleaded cost an average 95.2p per litre, with diesel averaging at 96.9p.

Asda trading director Darren Blackhurst: "We are committed to delivering the best value to customers across the board and we review our prices daily to achieve this. '

Morrisons chief executive Marc Bolland said: "This is strong support for the millions of motorists that are served at our forecourts. We're absolutely committed to delivering real value for all of our customers - whether they're shopping in our stores or filling up at our forecourts.'

AA president Edmund King said the Asda and Morrisons announcements "represents a full-blooded phase in the petrol price war between supermarkets'.

He went on: "These savings give driver and family budgets a very welcome boost when other bills are exerting severe pressure. They should also boost the economy by giving millions of motorists more spending power.”

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