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| Unleaded petrol drops below £1.20 a litre | Unleaded petrol drops below £1.20 a litre |
| (about 2 hours later) | |
| The average price of UK petrol has dropped below £1.20 a litre, its lowest level since December 2010, according to government figures. | The average price of UK petrol has dropped below £1.20 a litre, its lowest level since December 2010, according to government figures. |
| Oil has fallen from about $115 (£72) per barrel in June to about $65 per barrel, a decline of almost a half. | Oil has fallen from about $115 (£72) per barrel in June to about $65 per barrel, a decline of almost a half. |
| In comparison, petrol prices in the UK have fallen from a high of about 131.11p per litre in the summer to 119.83p - a decline of about 9%. | In comparison, petrol prices in the UK have fallen from a high of about 131.11p per litre in the summer to 119.83p - a decline of about 9%. |
| Diesel dropped from 136.22p to 124.79p. | Diesel dropped from 136.22p to 124.79p. |
| Campaigners argue that taxes account for the bulk of UK pump prices, so the government has more power to reduce prices than petrol companies. | Campaigners argue that taxes account for the bulk of UK pump prices, so the government has more power to reduce prices than petrol companies. |
| According to an analysis by the AA, about two-thirds of the average price paid for a litre of petrol is accounted for by a combination of Value Added Tax (VAT), at 20%, and fuel duty, at 57.95p. | According to an analysis by the AA, about two-thirds of the average price paid for a litre of petrol is accounted for by a combination of Value Added Tax (VAT), at 20%, and fuel duty, at 57.95p. |
| The move has triggered the big supermarkets to reduce petrol prices on the forecourt. Asda, Sainsbury's, Morrisons and Tesco have all lowered their prices. | |
| "We are hopeful motorists will see average petrol prices under 112p a litre, something they will not have seen since February 2010," said RAC spokesman Simon Williams. | "We are hopeful motorists will see average petrol prices under 112p a litre, something they will not have seen since February 2010," said RAC spokesman Simon Williams. |
| "If this happens the cheapest retailers will no doubt be selling petrol for well under 110p a litre, perhaps even lower," he added. | "If this happens the cheapest retailers will no doubt be selling petrol for well under 110p a litre, perhaps even lower," he added. |
| The price of oil has been falling since June, triggered by an oversupply on the market, as demand weakens. | |
| On Wednesday Brent crude hit another five-year low, falling 4% to $61.23, the lowest level since July 2009, before recovering slightly. | On Wednesday Brent crude hit another five-year low, falling 4% to $61.23, the lowest level since July 2009, before recovering slightly. |
| That followed the US Energy Department reporting a surprise increase in supplies, as well as the oil cartel OPEC predicting that demand for crude would fall to 28.9 million barrels a day in 2015, 400,000 barrels a day less than in 2014. |