Asda will revert back on Monday to price of 101.7ppl on unleaded and 104.7 ppl on diesel.
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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”.
Oil producers had last week tried to broker a deal to push the price of crude up, but a group led by Saudi Arabia last week failed to agree measures to restrict supply, which has had the effect of pushing prices back up.
The other big three supermarkets will likely follow suit, but it may still be some time before the average price of unleaded petrol reaches the £1-a-litre mark.
Despite these latest series in drops of fuel prices, which are expected to continue well into the festive period, Portugal’s retailers have come under criticism for not reflecting plummeting oil prices at forecourts, but are quick to react when costs rise.
The retailer said it would keep the low price for as long as possible but added “it remains subject to changes in oil markets and foreign exchange movements”.
Brent crude was trading at $39.87 per barrel yesterday – nearly 40 percent lower than $65 per barrel a year ago.
The average price for petrol in the United Kingdom is still close to 107p per litre, and the wholesale price last night was only 0.37p per litre less compared to mid-October.
Asda cut fuel to below £1 at the end of November and say it received strong feedback from customers.
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The RAC has already predicted that petrol for £1 or under will be a “common sight” in the run-up to Christmas.
