Petrol prices fall below £1 a litre for the first time in four years

Morrisons supermarket has cut its gasoline price to less than £ 1 per liter for the first time since 2016.

As of Monday, the price of unleaded has been reduced to a maximum of 99.7p per liter and diesel to £ 104.7p per liter in all 337 petrol stations in the UK.

It sold for less than £ 1 for the first time since February 2016.

Ashley Myers, Head of Fuel for Morrisons, said, “This cut will help people who travel to work, shop for essentials, and help the elderly and vulnerable.

“We want to play our full part in lowering the cost of living and feeding the nation in this difficult time.”

The fuel cost cut was caused by a collapse in oil prices due to lower demand as global economies halted due to the coronavirus pandemic.

Brent crude traded around $ 64 a barrel early this year, but fell below $ 19 last month.

The price fluctuated around $ 31 a barrel on Monday morning.