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| Version 1 | Version 2 |
|---|---|
| Retailers push petrol to below £1 | Retailers push petrol to below £1 |
| (about 23 hours later) | |
| Supermarket chains Asda and Morrison's and oil giant BP have cut the price of petrol to below £1 for the first time since December last year. | Supermarket chains Asda and Morrison's and oil giant BP have cut the price of petrol to below £1 for the first time since December last year. |
| They are now selling unleaded petrol at 99.9 pence per litre and also cutting the price of diesel, as the price of oil falls. | They are now selling unleaded petrol at 99.9 pence per litre and also cutting the price of diesel, as the price of oil falls. |
| BP has said the new price would apply "at a number" of its outlets. | BP has said the new price would apply "at a number" of its outlets. |
| The supermarket group Sainsbury's has also said it will now cut its forecourt petrol prices on Thursday. | The supermarket group Sainsbury's has also said it will now cut its forecourt petrol prices on Thursday. |
| A barrel of oil has fallen from a high of around $147 in July to less than $80, and the firms said they were passing this drop on to customers. | A barrel of oil has fallen from a high of around $147 in July to less than $80, and the firms said they were passing this drop on to customers. |
| 'Welcome boost' | 'Welcome boost' |
| "We're taking the lead again in cutting fuel prices and taking unleaded back below a pound a litre," said Morrisons' chief executive Marc Bolland. | "We're taking the lead again in cutting fuel prices and taking unleaded back below a pound a litre," said Morrisons' chief executive Marc Bolland. |
| "This is strong support for the millions of motorists that are served at our forecourts." | "This is strong support for the millions of motorists that are served at our forecourts." |
| With the economic situation looking the way it is, I don't think we have seen the bottom yet Damien Cox, John Hall Associates | With the economic situation looking the way it is, I don't think we have seen the bottom yet Damien Cox, John Hall Associates |
| Asda said the move would be a "welcome boost for consumers at a time of economic gloom and high inflation". | Asda said the move would be a "welcome boost for consumers at a time of economic gloom and high inflation". |
| "This reduction will come as a relief to road users," a spokeswoman said. | "This reduction will come as a relief to road users," a spokeswoman said. |
| BP said the new petrol price would apply at "a number" of its petrol stations, but added it aimed to remain "as competitve as possible". | BP said the new petrol price would apply at "a number" of its petrol stations, but added it aimed to remain "as competitve as possible". |
| Back in July, UK fuel prices hit record highs on the back of crude oil also hitting all-time peaks. | Back in July, UK fuel prices hit record highs on the back of crude oil also hitting all-time peaks. |
| Petrol prices touched 119.7p a litre and diesel went as high as 133.25p. | Petrol prices touched 119.7p a litre and diesel went as high as 133.25p. |
| Last week, Tesco sparked a new round of price cuts after slashing prices by 3p a litre at its 430 forecourts. | Last week, Tesco sparked a new round of price cuts after slashing prices by 3p a litre at its 430 forecourts. |
| But there has been criticism that the petrol retailers have not been quick enough to cut their prices. | But there has been criticism that the petrol retailers have not been quick enough to cut their prices. |
| Prime Minister Gordon Brown has said he wants the drop in oil prices to be passed on to consumers "as quickly as possible". | Prime Minister Gordon Brown has said he wants the drop in oil prices to be passed on to consumers "as quickly as possible". |
| Regional differences | Regional differences |
| Analysts expect further price falls at the pump in the coming months. | Analysts expect further price falls at the pump in the coming months. |
| "With the economic situation looking the way it is, I don't think we have seen the bottom yet. There's still a little bit to come out of this," said Damien Cox, senior analyst at energy adviser John Hall Associates. | "With the economic situation looking the way it is, I don't think we have seen the bottom yet. There's still a little bit to come out of this," said Damien Cox, senior analyst at energy adviser John Hall Associates. |
| RAC motoring strategist Adrian Tink said that the higher prices had seen the average motorist spending £1,300 a year filling their fuel tank. | RAC motoring strategist Adrian Tink said that the higher prices had seen the average motorist spending £1,300 a year filling their fuel tank. |
| "At least that figure should start to come down now and motorists will see a significant difference in their wallet when they next visit the forecourt," Mr Tink said. | "At least that figure should start to come down now and motorists will see a significant difference in their wallet when they next visit the forecourt," Mr Tink said. |
| He added that there were often "huge" differences in price, depending on region. | He added that there were often "huge" differences in price, depending on region. |
| "We are calling on all retailers across the country to get their petrol prices under the £1 barrier quickly to help Britain's beleaguered motorists." | "We are calling on all retailers across the country to get their petrol prices under the £1 barrier quickly to help Britain's beleaguered motorists." |