Share

Saudi-Arabia-Russia spat and coronavirus cause petrol prices to tumble | Latest Norfolk and Suffolk Business News

PUBLISHED: 16:13 23 March 2020 | UPDATED: 16:15 23 March 2020 Sarah Chambers Petrol prices are falling, figures suggest Picture: GETTY IMAGES/ISTOCK NithidPhoto Prices at the pump have taken a tumble in Norfolk and the UK after a spat between Russia and Saudi Arabia sent them into a downward spiral. Oil prices have been plummeting…

PUBLISHED: 16:13 23 March 2020 | UPDATED: 16:15 23 March 2020

Sarah Chambers

Petrol prices are falling, figures suggest  Picture: GETTY IMAGES/ISTOCK

Petrol prices are falling, figures suggest Picture: GETTY IMAGES/ISTOCK

NithidPhoto

Prices at the pump have taken a tumble in Norfolk and the UK after a spat between Russia and Saudi Arabia sent them into a downward spiral.

Oil prices have been plummeting during the past few weeks as the coronavirus spreads across Europe.

But they have also been severely dented because Saudi Arabia – which produces around 10% of the world’s oil – decided to slash prices and ramp up its production in a trade war with Russia.

MORE – ‘We refuse to give up’ – owner keeps pub spirit alive after coronavirus ban

You may also want to watch:

The price of a barrel of Brent crude oil – which is measure most often used – has fallen by around 60% since the beginning of the year.

Supermarket giants Morrisons and Asda are slashing fuel prices by 12p a litre for petrol and 8p for diesel. Morrisons described it as “the biggest fuel price reduction in recent times”.

Latest government figures show the average price for a litre of fuel at UK forecourts on March 16 was 120.3p for petrol and 124.4p for diesel.

The price at the pump at Morrisons and Asda in Norwich and Great Yarmouth is £114.7p a litre, according to price comparison site confused.com. Asda Lowestoft is £114.8p. Tesco in Norwich and Great Yarmouth are selling petrol at £114.9p.

Sainsburys Thorpe St Andrew, Norwich petrol is pegged at £115.9p.

Read More

Leave a Comment