Morrisons cut petrol prices to below 90p a litre
November 2008
News that Morrisons, the leading UK supermarket chain, will be reducing the price of petrol on company forecourts has caught the eye of many today. As of today the price will be a fraction below 90p a litre in response to the recent collapse of the oil price. The oil price current stands at around about $50 a barrel which is a massive fall from the earlier $150 a barrel.
Even after today's reductions there are suggestions that the supermarkets are still creaming off more profitability than they were in the past but consumers are just happy to see the price down to more manageable levels. This is sure to spark another Christmas price war between the U.K.'s leading supermarkets and one which could affect the profitability of independent garages.
It is no secret that the supermarkets use petrol as a way to attract customers and it is not necessarily one of their more profitable lines of business. There have been attempts to regulate this in the past but it is very difficult to prove if the supply of petrol is being used wholly to attract customers.
There has been no immediate response from Asda or Tesco but no doubt we will hear further news over the weekend.
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