Supermarkets drop petrol prices, again

Morrisons and Asda seem to be trading blows in a petrol price-cut war, with both supermarkets today dropping the price for a litre of unleaded to 97.9p.

The two pence cut comes after Gordon Brown again urged retailers to lower prices, and the price of a barrel of crude oil fell to around $73.

Industry experts say that it takes between four and six weeks for price changes in crude oil to affect the amount paid at the pump, which means drivers could be paying around 95p for a litre of unleaded soon.

However, don't expect fuel prices to continue to tumble. On Friday, the oil cartel OPEC will meet, and it is widely believed it will cut oil production in an effort to raise the price of crude oil.