Gas prices are set to become the next weapon in the U.K.'s supermarket price war as the country's biggest retailers attempt to lure customers with lower prices in the run-up to the key Black Friday and Christmas shopping seasons.
Morrissons (MRWSY) , one of the country's 'Big Four' supermarkets, will cut the price of fuel to below £1 a liter ($1.23) for customers spending more than £50 in store.
Britons pay some of the highest prices in the word for gasoline, with the U.K. national average as of November 19 at 114.80 pence per liter, a figure that translates to $5.35 per gallon, more than two and a half times the current U.S. national average of $2.143.
Furthermore, fuel prices have risen since the U.K. voted to leave the European Union, hitting their highest point since July of last year as the pound fell more 19% against the U.S dollar - the currency in which global crude oil is priced.
Morrisons, which has 333 locations with petrol stations across Britain, said the move will be a big to help drivers with the "cost of getting around during the pre-Christmas shopping spree, including Black Friday." The offer will take place between November 21 to December 3 and should save customers £5 every time they fill their car.
The Bradford, England-based supermarket last week announced it was reducing the price of unleaded gas to a maximum of 109.9 pence a liter.