Asda and Morrisons dropped the price of unleaded to 99.9p per litre taking the cost below £1 for the first time since last December. Sainsbury’s have also now reacted and dropped their prices today. Diesel remains comparatively expensive with a litre falling from 116.9p to 110.9p. The global oil price has fallen from its high of $147 a barrel to less than $80.
The fall in the fuel price has also encouraged airlines to follow suit with British Airways and Virgin Atlantic confirming reductions in fuel surcharges. BP and Shell have both announced that they will drop prices at some petrol stations but could not say which ones.
It is a welcome boost for motorists the high price of fuel has taken its toll. Motorists have reported getting one third less mileage for their money and only filling tanks half way because of the expense. An AA survey showed that three quarters of drivers were driving or spending less due to the high oil prices.