Morrisons will slash the price of fuel by 2ppl across its 300-strong network tomorrow, as wholesale oil prices continue to decline.

The supermarket’s average prices are already below the average – at just over £1.35ppl for unleaded and £1.41 for diesel – and the latest price reduction will be its fourth national cut in fuel prices since the Eurozone crisis started, the company has said.

According to Catalist, yesterday’s average price of petrol was 138.4ppl, and diesel 144.3ppl, down from a high of 142.44ppl and 147.91ppl in April.

The move by Morrisons follows Asda and Sainsbury’s announcements last week that they were cutting fuel prices by 2ppl as of May 10, and yesterday Tesco launched a 5ppl-off fuel promotion.

Mark Todd, petrol director for Morrisons, said: “The continued bad news in financial markets is good news for motorists. After seeing continued reductions in the price of oil we are taking the opportunity to bring down prices at the petrol pump.”

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