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| Cheer for motorists as fuel prices hit five-year low | |
| (about 5 hours later) | |
| The price of unleaded petrol has fallen to its lowest level in five years, bringing cheer for motorists and businesses. | The price of unleaded petrol has fallen to its lowest level in five years, bringing cheer for motorists and businesses. |
| The average unleaded price across the UK is now 109.8p a litre, according to the information group Experian Catalist. | The average unleaded price across the UK is now 109.8p a litre, according to the information group Experian Catalist. |
| The last time it dipped below 110p was on January 3rd, 2010. | The last time it dipped below 110p was on January 3rd, 2010. |
| Four big UK supermarkets cut their prices by 2p a litre this week, in response to the falling cost of oil. | Four big UK supermarkets cut their prices by 2p a litre this week, in response to the falling cost of oil. |
| On Wednesday, Brent Crude dropped to below $50 a barrel for the first time since May 2009. | On Wednesday, Brent Crude dropped to below $50 a barrel for the first time since May 2009. |
| Some analysts have predicted the cost at the pumps could go as low as £1.00 a litre. | Some analysts have predicted the cost at the pumps could go as low as £1.00 a litre. |
| The price of diesel is at its lowest since March 15th, 2010. On that date it was 116.87p per litre. | The price of diesel is at its lowest since March 15th, 2010. On that date it was 116.87p per litre. |
| Earlier this week the chancellor, George Osborne, said it was vital that families saw the benefit of falling oil prices - at the petrol pumps, in heating costs, and on airfares. | Earlier this week the chancellor, George Osborne, said it was vital that families saw the benefit of falling oil prices - at the petrol pumps, in heating costs, and on airfares. |
| However fuel prices are determined more by taxes than by the cost of oil. | However fuel prices are determined more by taxes than by the cost of oil. |
| According to the RAC, if a tank of petrol costs £61, VAT and fuel duty account for £41. | According to the RAC, if a tank of petrol costs £61, VAT and fuel duty account for £41. |