Petrol under £ 1 litre for first time this year
South Shields news!
Asda and Morrisons have gone head to head this week, slashing the price of unleaded petrol to 99.9p. The cost of diesel has also steadily dropped.
Asda Boldon and Morrisons at Jarrow are among those stores which have slashed the prices.
The cuts came as crude oil dropped below $75 a barrel – nearly half its July peak of $147.
The fall in the price of crude also prompted calls for gas and electricity firms to cut their prices too, bringing fresh hope for struggling families.
Today, motorists in South Tyneside welcomed the move, hoping for more budget relief over the next few months.
Coun Steve Harrison, who runs a wheelchair-accessible taxi fleet, said the falling fuel prices were "great news".
He said: "The cost of diesel and petrol was sky-high during the summer, and it seemed to be increasing every other day.
"The fact that fuel prices are falling is great news for motorists and people like me, who are running transport services.
"I still think the prices should be lower, and retailers should be more willing to pass on the savings they've made from falling oil prices."
Ray Hunter, owner of Whitburn and Marsden Taxis, said: "News like this is massive when we're in the middle of a so-called recession.
"I've been in the taxi business for 23 years and this is the worst I've ever seen it. Pretty much every firm across the borough is suffering.
"There have been a few drivers who've just packed it in all together.
"The price cuts will mean lower overheads for us, but the credit crunch means people are going out and about less often."
Independent lorry driver Liam McGurk, from Hebburn, said: "If the prices had risen much more over the summer, the country could have came to a standstill, it was that bad. Drivers could have been priced off the road.
"Prices might be going down now, but it's only right – the price of oil is half what it was a few months ago, so garages couldn't have kept their prices higher."
Adrian Tink, from the RAC, said: "Finally we have a bit of respite for hard-pressed motorists.
"For the past year they have been paying over £1 a litre, a figure that went up to £1.19 in July."
AA president Edmund King said: "These savings give driver and family budgets a very welcome boost when other bills are exerting severe pressure.
"They should also boost the economy by giving millions of motorists more spending power."
Forecourt prices are now at their lowest since December, and more reductions are likely to follow from other retailers.
Login
Register
FAQ
