11 Aug 2008

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There was good news for Britain's hard pressed motorists as the ongoing supermarket petrol price war took yet another turn

The price of crude oil has slipped by almost $35 over the last six weeks, amid mounting concern that slower economic growth is reducing global demand, and currently stands at just over $113 a barrel.

Phil Maud, petrol director at Britain's fourth biggest supermarket said: "We [Morrisons] have proved it over and over again. When the price of crude and refined product falls, our customers are the first to see the price at the pumps fall as well, with no catches."

Asda were quick to announce similar cuts, saying it would drop prices to 109.9p per litre for unleaded and 121.9p for diesel.

Morrisons said this latest move meant it had cut 10p a litre off its diesel prices in the last 20 days, and 8p a litre off the price of unleaded on its forecourts in the same period. It estimates customers will be paying up to £5 less for a full tank of fuel than they were just three weeks ago.

Tesco also followed suit and pledged to match the lowest petrol price in the local area at all its forecourts.

A spokesman for the supermarket giant said: "We are moving petrol prices down in order to ensure we offer the best price locally. We will be doing that almost immediately."

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