Recent falls in worldwide oil prices have combined with competition between supermarkets to bring petrol prices down to their lowest value since 2010, with more price cuts to come. As traditional supermarkets face competition from budget shops such as Aldi and Lidl, it has been suggested that a litre of fuel could soon cost as little as £1 or even less.
This would be the first time since 2009 that this has been the case.
Asda started the petrol price war by cutting petrol by 2p per litre and setting a national price cap across all of its forecourts. Tesco and Morrisons quickly followed suit by cutting their prices by the same amount. However neither supermarket has a price cap meaning that prices vary more by region.
The price cuts are down to more than just competitive supermarkets though. The price of Brent crude oil dropped below $86 per litre because of increasing supplies from new fields as well as demand forecasts being slashed because of economic uncertainty. Whatever the reason, many people will be glad when they’re filling their car up. Here are the supermarket prices as of October 27 2014 in the Yorkshire area are:
- Asda: 122.9p
- Tesco: 123.9p
- Morrisons: 123.9p
- Tesco: 123.9p