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| Supermarket cuts cost of petrol | Supermarket cuts cost of petrol |
| (about 5 hours later) | |
| Supermarket chain Asda says it is cutting the price of petrol and diesel at its forecourts. | Supermarket chain Asda says it is cutting the price of petrol and diesel at its forecourts. |
| With oil costs dropping sharply in the last two days, Asda has cut 1.5p a litre off diesel prices, to 89.9p. | |
| The supermarket is also making a more modest cut on unleaded petrol, dropping 0.2p to a price cap of 85.9p a litre. | |
| Oil prices have fallen on both sides of the Atlantic due to a mild winter helping to reduce demand for heating oil and other products. | Oil prices have fallen on both sides of the Atlantic due to a mild winter helping to reduce demand for heating oil and other products. |
| Heating oil | Heating oil |
| Oil reached a peak of $78 for a barrel of US light crude in July, driven by the conflict in Lebanon and ongoing high demand spurred by China. | Oil reached a peak of $78 for a barrel of US light crude in July, driven by the conflict in Lebanon and ongoing high demand spurred by China. |
| Opec has said it will take action if prices continue dropping. | Opec has said it will take action if prices continue dropping. |
| Asda, which has 167 petrol stations, said its diesel is now at its cheapest for more than a year. Prices for diesel are normally higher during January because of its use in heating. | Asda, which has 167 petrol stations, said its diesel is now at its cheapest for more than a year. Prices for diesel are normally higher during January because of its use in heating. |
| Andy Brem, from Asda, said: "The unseasonably mild weather so far this winter has reduced heating oil consumption across Europe and the US. | Andy Brem, from Asda, said: "The unseasonably mild weather so far this winter has reduced heating oil consumption across Europe and the US. |
| "This, combined with a fall in the price of crude oil, has helped push prices lower." | "This, combined with a fall in the price of crude oil, has helped push prices lower." |
| The price of oil has fallen sharply since peaking above $78 in July. | The price of oil has fallen sharply since peaking above $78 in July. |