Morrisons is stepping up its efforts in the fuel price wars with a further 2p cut ahead of the bank holiday.

The retailer is today reducing both petrol and diesel by 2ppl at its 293 forecourts and said it will remain at the lower price through the bank holiday period.

Morrisons said it had now reduced the price of fuel by 5ppl over the past two weeks. Last week it reduced prices by 2ppl in response to a similar move by Asda.

“We’ve shown time and again that as soon as we can pass savings on, our customers are the first to see the benefit and that’s what we will continue to do,” said Morrisons petrol director Mark Todd.

Retailers faced criticism last week from the AA, which accused them of being slow to react to falling oil prices. The cost of crude oil fell 20% last week to less than $70 a barrel.

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Asda cuts petrol by 2p a litre (20 May 2010)