Morrisons cuts fuel prices to below £1 per litre

WM Morrison dropped petrol prices to a maximum of 99.7p per litre across the UK on Monday, marking the first time the commodity has been sold for under £1 since February 2016.

Morrison's move was a result of a recent collapse in oil prices due to heavily decreased demand amid the Covid-19 pandemic and follows an announcement from Downing Street on Sunday that the government would begin the process of easing the coronavirus lockdown from Wednesday.

Brent crude oil traded at roughly $64 per barrel at the beginning of 2020 and fell to less than $19 in April before recovering slightly to around $31 as of Monday morning.

The retailer also cut its diesel prices to a maximum of 104.7p per litre.

Morrisons' head of fuel Ashley Myers said: "This cut will help people who are travelling to work, those shopping for essentials, and those assisting the elderly and vulnerable.

"We want to play our full part in reducing the cost of living and feeding the nation at this difficult time."

As of 1410 BST, WM Morrison shares were up 1.12% at 189.20p.