Motorists boosted by further cuts to price of petrol

Motorists hoping to get away for the Bank Holiday will be given a boost as fuel prices are being slashed ahead of the weekend.

Supermarket Morrisons has launched a potential price war by announcing that it will be cutting the cost of unleaded by 2p per litre, and diesel by 1p per litre from Thursday morning.

The move is the second time this week that fuel prices have been cut, and means that unleaded will be 18p per litre cheaper than is was at last year's August Bank Holiday.

Diesel will be 23 pence-a-litre cheaper than the same time in 2014.

There is also the suggestion that, with oil prices falling globally, drivers could soon be paying less than a pound per litre for their fuel.

Jamie Winter, services director for Morrisons, said: "We're seeing the price of crude on the world market continue to fall and that, combined with a relatively strong pound, is helping us to pass savings back to motorists."

While Steve Gooding, director of the RAC Foundation, said: "The cost of oil isn't the only driver of what we pay at the pumps, but with crude now trading at its lowest level since March 2009, it is no surprise that the price of petrol and diesel is on the slide.

"This raises further the tantalising prospect that at least some of the nation's 37 million motorists might soon be getting change from a quid when they buy a litre of fuel.

"The very least they can expect is that both refiners and retailers continue to pass the savings they are enjoying on to their customers."

Supermarkets Tesco and Sainsbury's have also announced that they will also be cutting the price of unleaded by 2p per litre, and the price of diesel by 1p per litre from Thursday morning.

Peter Cattell, fuel director for Tesco said: "We know that lots of customers will have plans for the Bank Holiday weekend, so we're dropping the price of our fuel to help them enjoy the weekend even more."