Petrol at the pumps falls below £1 a litre

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Supermarket chains Asda and Morrisons both said they would cut the price of unleaded to 99.9p a litre because of falling oil prices. Morrisons' reduction came into force this afternoon and Asda's is due to take effect by tomorrow morning. Diesel is also coming down to 110.9p at Asda and 111.9p at Morrisons.

On average the 99.9p price means a driver saves around £10 a tank compared with the all-time high in July of more than £1.20. This latest round of cuts, which is likely to be followed by the other supermarkets and oil companies, affects more than 450 forecourts.

The move follows a reduction in crude oil from $147 a barrel in July to a 13-month low of about $76. The oil price has collapsed recently because of fears about falling demand during a global recession.