Petrol prices fall below £1 a litre

15th October 2008

(Aldershot, UK) The price of a litre of unleaded has fallen below £1 for the first time since last December as two retailers pledge to drop their pump prices.

Asda, the only UK retailer to have a nationwide pricing structure, has announced that by tomorrow morning all its stations will drop the price of unleaded to 99.9p and diesel to 110.9p.

Morrisions have followed suit and announced that they will also drop the price of their unleaded to 99.9p and diesel to 111.9.

Since unleaded first broke the £1 a litre barrier in November last year, prices have shot up at an alarming rate. At their peak on July 18th 2008, the UK average for unleaded was a staggering 119.9p and diesel was 133.4p.

The price cuts are a result of falling oil prices, which have dropped from highs near $147 a barrel to below $75. Fears of a world recession and reduced demand are thought to be driving falling oil prices.

“With the doom and gloom in the economy at the moment this is exactly the sort of news motorists need. The price cuts by Asda and Morrisons should force other retailers to lower their prices too, meaning we could see falling prices right across the country over the next few weeks.”

“Motorists can encourage other retailers to follow suit by shopping around online to avoid the highest priced stations. However, lower petrol prices are dependent on low oil prices, so if the banking crisis forces investors towards commodities we could see both the price of oil and petrol picking up again.”

~ Brendan McLoughlin, Founder, PetrolPrices.com.

You can see the comments from PetrolPrices.com users, and up to date results of our latest user poll here:

http://www.petrolprices.com/blog/petrol-drops-below-a-litre-103.html

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Notes to editors

Where possible, please link to PetrolPrices.com in online articles.

Prices are updated each weekday between 11am and 12pm. Prices are collected the previous day using fuel card transactions in petrol stations to gather an average price for each station.

Petrolprices.com is the only free fuel price comparison website with reliable data and regular updates. It allows consumers to search for the cheapest stations in their area, with potential savings of 17p a litre.

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