Price war forces petrol price drop

22 September 2008

Petrol prices fell nationwide as a price war broke out amongst retailers, following the recent drop in oil prices.

An initial drop by supermarket Morrisons caused the other major supermarkets to follow suit, and other petrol stations across the country have followed accordingly.

The news has been welcomed by drivers, many of whom have been forced to reconsider their methods of transport or reduce costs in other areas in order to avoid falling into debt.

A Think Money spokesperson said: “This is good news for drivers, but it also has positive implications for the rest of the economy.

“Rising fuel costs have been a major factor in the high inflation rates we’re currently experiencing. If inflation begins to slow because fuel costs are falling, the Bank of England may feel more able to consider cutting the base rate – which could reduce many people’s monthly expenditure, helping them stay out of debt.”

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