Morrisons Emerges as New Cheapest Supermarket for Petrol in the UK
In a significant shift in the fuel retail market, Morrisons has overtaken its competitors to become the new cheapest supermarket for petrol in the United Kingdom, according to the latest data from the RAC. This development comes as fuel prices at the pump continue to experience sharp increases, putting additional financial pressure on motorists nationwide.
Detailed Price Comparisons Among Supermarkets
The RAC data shows that Morrisons is currently charging an average of 133.2p per litre for petrol. In comparison, other major supermarkets are slightly higher: Asda and Tesco charge 133.5p per litre on average, while Sainsbury's charges 133.7p per litre. This price positioning makes Morrisons the most affordable option for drivers looking to fill up at supermarket forecourts, a title previously held by other chains like Costco or Asda in earlier periods.
Rapid Increases in Fuel Prices Across the UK
Simon Williams, head of policy at the RAC, highlighted the concerning trend of rising fuel costs. He stated, "Petrol has now increased by 3.7p to 136.53p a litre since Saturday, while diesel is up by 6p to a 16-month high of 148.35p." This surge has already resulted in a £2 increase in the cost of filling a typical 55-litre family car with petrol and a nearly £3.30 increase for diesel in less than a week alone.
Williams further explained that while wholesale costs for retailers have risen, it typically takes around two weeks for these changes to reflect at the forecourt. He noted, "Brent crude jumped to $85 on Thursday, something we haven’t seen since July 2024. If the price of a barrel stays at this level, or increases, then further forecourt rises will be inevitable." Despite the rapid rate of increase, current prices remain well below the record highs of 2022, when petrol averaged 191.5p and diesel reached 199p per litre.
Global Context and Potential Interventions
The rise in fuel prices is not isolated to the UK. In the United States, average petrol prices increased by approximately 23 cents (17p) per gallon compared to the previous week, with diesel up by about 41 cents per gallon over the same period. However, these early increases are still significantly lower than the spikes witnessed in 2022 following Russia's full-scale invasion of Ukraine.
In response to the escalating situation, G7 finance ministers are reportedly preparing to discuss the release of emergency oil reserves. This move comes after the US-Israel conflict with Iran pushed crude oil prices above $100 (£75) for the first time since 2022. The discussions, coordinated by the International Energy Agency (IEA), aim to address the volatility in global oil markets and mitigate further price hikes.
As motorists face mounting costs at the pump, the shift in supermarket pricing dynamics underscores the competitive nature of the fuel retail sector. With Morrisons now leading as the cheapest option, consumers may seek out its forecourts to alleviate some of the financial burden, though broader economic factors continue to drive uncertainty in fuel prices across the UK and beyond.
