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Petrol prices fall below £1

Date: 15 October 2008   |   Author: Tom Webster

Cars running on modern petrol have a lower list price than diesel equivalents

Supermarket giants Asda and Morrisons have dropped the price of petrol to under £1 a litre.

Both will sell the fuel for 99.9p per litre.

Diesel has also fallen, and the pair will now retail it for 111.9p.

The companies give the recent fall in crude oil prices as the reason behind the price drop - oil is selling for $82 a barrel versus $143 a barrel in July.

The supermarkets changed their prices at about 2pm this afternoon, and they will apply at more than 450 forecourts across the country.

Asda last sold petrol at under £1 per litre in December 2007, while the previous time Morrisons was under the psychological barrier was October of the same year.

A spokesman for Sainsbury confirmed that it is also cutting what it charges tomorrow and will match the 99.9p price.