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Supermarkets slash fuel prices 3p

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Supermarkets have cut fuel prices after a drop in the cost of oil, bringing cheer to beleaguered drivers.

Petrol and diesel from Tesco are 3p a litre cheaper as the shopping giant was first out of the blocks with a price cut on Friday. Asda and Sainsbury's later said they were also slashing the price of both fuels by 3p a litre. And then Morrisons joined the party, announcing the same cut to its prices.

The International Energy Agency is indirectly behind the good news as it released emergency oil reserves and caused world oil prices to drop considerably.

The fall in prices will be good news for small businesses in particular, which often have to add the cost of fuel to other essential expenses such as rent, van insurance and bills. It has been hailed by motoring groups the RAC and AA, which said they want to see prices continue to come down.

Asda pledged drivers will pay no more than 134.7p a litre for diesel and 130.7p a litre for petrol, while Tesco said it had tried to pass on the benefit of the oil price change as soon as it could.

© Press Association 2011