Morrisons slash petrol to under 90p

4:43pm Friday 21st November 2008

Motorists have been handed a further boost at the pumps as a supermarket cut the price of petrol to under 90 pence per litre.

Morrisons dropped the price of unleaded petrol to 89.9 pence per litre and also cut the price of diesel to 105.9 for the same amount.

The price cut is the latest in a recent spate of fuel price reductions following the high prices experienced earlier in the year.

The average price of petrol has fallen by record amounts over the past month, the AA revealed earlier this week.

Average UK prices dipped from 106.4p a litre in mid-October to 94.86p a litre in mid-November.

The 11.54p drop comfortably beat the previous record fall of 7.9p between mid-August and mid-September this year.

Diesel prices fell 8.86p a litre in the last month - dipping from an average of 117.68p a litre in mid-October to 108.82 in mid-November.

Thursday's oil prices fell to another near two-year low as light, sweet crude on the New York Mercantile Exchange - the benchmark price - was down 92 cents to 52.70 US dollars a barrel in Asian trading.

London Brent crude was more than 1% lower at 51 dollars a barrel.

Earlier this week several UK retailers announced they were cutting the price of petrol at the pump as retailers came under pressure to reflect the falls in the price of crude, which has plummeted from a 147 dollar high in July.