In a significant recent move, both Morrisons and ASDA have reduced the price of unleaded petrol to 99.9p at the 457 outlets operated by them. Over the next few days, it is very likely that other UK retailers would follow this lead. Therefore, motorists are set to experience great relief as the price of oil has hit US$70 per barrel, which is about 50 percent less than what was recorded in July when the prices peaked.

BP made an announcement recently that it would reduce the price of petrol by about 5 pence per litre thereby enabling about 100 of its 350 petrol stations sell the fuel at 99.9p. So far, Tesco has not responded to the drop in oil prices. As per the information given by the spokesperson of the firm, it appears that the unleaded petrol sold by the firm at its outlets would be over £1 per litre.
 
Despite ASDA charging less than one pound per litre in January this year, most of the retailers have been selling it at more than a pound since 5th November 2007. These reductions in prices are the latest developments that have come to benefit the travelling public of the UK. The announcement of these price reductions came within a few hours of Virgin Atlantic and BA lowering their fuel surcharges on flights. The lowering cost of petrol is also likely to witness the cost of deliveries thereby significantly reducing the prices of products sold by supermarkets.