Tesco Reduce Cost Of Petrol By 3p A Litre

Mon, 13 Oct 2008
 
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Tesco has cut the cost of petrol by 3p a litre at all 430 of its UK forecourts as oil prices drop to their lowest levels in a year.

The supermarket giant said all grades of fuel, including diesel, would get the 3p cut, in a move which will save drivers around £1.50 for filling up a typical family car .

The move is likely to be followed by similar cuts by rival retailers Asda and Morrisons . Last month Asda reduced its petrol prices by 1p a litre.

Motorists have complained for months about the price of petrol, with small firms and hauliers warning the high costs are driving them out of business .

The much-needed cut has been triggered by a fall in the price of oil to its lowest level in a year.

A barrel of crude oil was today trading at $82, more than 40 per cent lower than the $147 high in July and the lowest price since mid-October last year.

Oil prices have been falling consistently in recent days on fears that global recession will weaken demand.

According to the AA, the average price of unleaded petrol prices across Britain is currently 109.2p a litre, with diesel costing 120.6p - 9 per cent less than three months ago.

AA spokesman Luke Bosdet said: "It's good to see that somebody other than Morrisons and Asda is taking the lead in dropping prices."

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