Where you can get petrol for less than £1 a litre in Suffolk
- Credit: Archant
Fuel prices have plummeted to their lowest in four years as supermarket giants slash costs amid the coronavirus pandemic.
Morrisons became the first supermarket to reduce its petrol prices following the prime minsiter’s lockdown announcement on Sunday evening, lowering its price for unleaded fuel to 99.7p per litre.
Tesco and Asda quickly followed suit, also reducing their prices to around 99.9p, making it the first time that petrol has been sold nationally for under £1 for four years.
In the UK, drivers have only seen petrol below £1 a litre once since the financial crisis in 2008 to 2009.
It now costs less than £55 to fill a 55-litre hatchback car and there is potential for further price cuts if lockdown restrictions are lifted further.
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So where can you go in Suffolk to get the cheapest petrol right now?
The map above shows the petrol stations in Suffolk which are currently selling petrol for less than £1 per litre – with the lowest price available at the Morrisons in Sproughton Road at 99.6p.
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Also among the lowest prices are the other Morrisons petrol stations in Suffolk, along with the Asda in Lowestoft and Bury St Edmunds.
RAC fuel spokesman Simon Williams said: “Although the lockdown is far from over, Sunday’s speech from the prime minister was a signal to drivers that they can begin to make more trips by car again – so credit is due to Morrisons for taking the lead and selling petrol and diesel at what is a very fair price and one that is much more reflective of what the retailer is itself paying to buy the fuel in.
“Unfortunately though, there is a darker side to any large price cuts – they heap yet more pressure on smaller independent fuel retailers, who in some cases are already fighting for survival as a result of the coronavirus outbreak.
“It remains to be seen how long prices this low will persist for, with some early indications that wholesale petrol prices have started to rise as a result of the world oil price creeping up.”
According to the RAC, the cost of oil collapsed to its lowest level in 21 years in March – down to just $13 on April 21 – as a result of demand disappearing in the wake of the coronavirus outbreak.
But while this sent wholesale prices plunging still further in the month, some of the UK’s largest fuel retailers did not cut forecourt prices - with so few people buying fuel in the first place.
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: Petrol prices tumble across Suffolk after row between oil producersThe price of a barrel of Brent crude oil – which is the measure most often used – has fallen by around 60% since the beginning of the year.
Meanwhile, an interactive chart by the RAC Foundation shows that currently more than 70% of what you pay for petrol is actually just tax.
The chart shows how taxation on petrol and diesel (duty and VAT) has changed as a proportion of the pump price over time.
The petrol percentage tax is the highest it has been since February 2016, when it was 73.83%.