Morrisons cuts petrol to under 90p

The price of petrol has been cut to under 90 pence per litre at Morrisons supermarkets.

Unleaded petrol is now 89.9 pence per litre and diesel has also been cut to 105.9 per litre. The reduction is a result of crude oil falling below $50 (£33.39) a barrel, its lowest level for three-and-a-half years, while brent crude rose slightly, but remained below the $50 benchmark.

Morrisons chief executive Marc Bolland said: "Morrisons is taking the lead again and this time, we're the first in the UK to sell unleaded for below 90p a litre."

The price cut is the latest in a spate of reductions. Average UK prices dipped from 106.4p a litre in mid-October to 94.86p a litre in mid-November. Diesel prices have also fallen, from an average of 117.68p a litre in mid-October to 108.82 in mid-November.

Other UK retailers announced they too would cut the price of petrol to reflect the falls in the price of crude, which has plummeted from a $147 (£98.15) high in July.

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