Petrol pump prices tumble following collapse in oil prices

The cost of filling up with fuel has fallen sharply, finally mirroring a collapse in oil prices.

The supermarket chains Morrisons and Asda have cut the price of a litre of petrol by 12p and diesel by 8p.

The move comes as a barrel of Brent crude trades for around $26. A month ago it was nearly $60 a barrel.

Steve Gooding, Director of the RAC Foundation, said: “Wholesale prices of petrol and diesel have been in almost free fall over the past month as the global demand for oil has slumped and it will be a relief for all drivers, especially key workers, that retailers are finally adjusting their prices too.

“With many people suddenly finding themselves in economic hardship anything that eases household budgets must be welcome though the irony is that because so many of us are in virtual lockdown traffic volumes are a fraction of what they were just a few weeks ago.”