Petrol Pump

Morrisons has cut the price of its unleaded petrol to below £1 per litre, the lowest price since 2009.

The supermarket chain said its unleaded petrol will not cost more than 99.9p per litre, while diesel prices were reduced by 1p per litre.

Petrol prices have been below the £1 mark on occasions in recent years, but only on special promotions. This is the first time it has fallen below £1 excluding promotions for six years. Asda is running a promotion this weekend, with petrol at 99.7p.

Morrisons' petrol retail director Bryan Burger said: "Today, for the first time in more than six years, we are moving unleaded prices down to below £1 a litre.

"This is a moment where motorists will feel some relief after being clobbered by tax and price rises for the last decade."

The price drop comes as oil prices continue to fall. Brent crude oil is now trading as less than $40 per barrel.

Morrisons said it will try to keep the price "for as long as possible", but reminded consumers that it was still subject to oil and currency markets.