Fuel prices are slashed

Petrol stations across the West Midlands slashed the cost of fuel today as oil prices fell to their lowest level for a year.

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Supermarket giant Tesco said it was cutting the cost of petrol by 3p a litre across its 430 UK forecourts with immediate effect. It follows a penny cut by Asda at the start of this week, and price drops made by a host of retailers last month.

Morrisons in Wednesbury opened its new petrol forecourt in Trouse Lane today offering some of the cheapest fuel in the region, with unleaded at 105.9p a litre, and diesel at 115.9p.

Manager Jim Brice said: "We like to be competitive and always try and pass the savings on to the customers."

Mounting fears of a global recession, which weaken oil demand, have seen the price fall in recent days.

Light, sweet crude for November delivery on New York Mercantile Exchange - the world's benchmark price - fell as low as 82 US dollars a barrel in early trading today, the lowest price since mid-October last year.

The average price of unleaded across the UK yesterday was 109.2p a litre, with diesel costing 120.6p, according to the AA.

Petrol now costs nine per cent per cent less than the high of 119.9p seen on July 17, with diesel prices nearly 10 per cent cheaper.

At Tesco Express in Highland Road, Dudley, prices have dropped to 106.9p for unleaded and 119.9p for diesel. A month ago they were 109.9p for unleaded and 120.9p for diesel.

Prices at Mibsons in Birmingham Road, West Bromwich, dipped to 107.9p for unleaded and 119.9p for diesel, while Westcross Service Station in Oldbury Road, Smethwick shaved a penny off yesterday's prices to 108.9p and 121.9p.

Darlaston Filling Station in Pinfold Road, Wednesbury, also cut prices today to 108.9p and 118.9p.

At Linthouse Lane filling station in Wednesfield, unleaded dropped to 107.1p, with diesel now 123.9p.

By Chris Moriarty