Asda and Morrisons kicked off a new petrol price war by slashing the cost of a litre by 2p to 114.7p after coronavirus contributed to the largest single-day drop in oil prices in 30 years. It comes as an oil war between the Saudis and Russians sent the FTSE 100 tumbling to its worst day since the 2008 crash and a tanking of oil prices tanking around the world.
Motorists filling up at Asda's 322 petrol stations will pay no more than 114.7ppl for petrol and 116.7ppl for diesel.
Asda, which was the first supermarket to announce a price cut on Tuesday, said these are its lowest fuel prices since November 2017. The retailer has brought fuel prices down by up to 11ppl since January.
Morrisons soon joined them in cutting prices at its 335 UK filling stations.
Coronavirus has led to a decline in oil consumption in Asia, as demand has fallen due to factors including travel restrictions and home isolation.
Last week, major oil producing nations who are part of OPEC - as well as non-OPEC member Russia - met in Vienna to discuss a deal to curb production so they could stop the oil price falling.
Top oil exporter Saudi Arabia slashed its oil prices at the weekend, after Russia would not back sharp production cuts.
Oil cartel Opec and its ally Russia had previously worked together on production curbs and the benchmark Brent oil futures plunged to a low of $31.02 a barrel on Monday, in volatile energy markets.
Experts say that for motorists and other consumers, it all means oil will get cheaper, which should mean petrol and diesel pump prices get cheaper too.
Reacting to the petrol and diesel price cuts announced today by UK supermarkets, RAC fuel spokesman Simon Williams said: "After such a sharp drop in the price of oil it's right that pu
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