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Date: Friday 10 Oct 2008

LONDON (ShareCast) - Tesco cut 3p off the price of petrol today, but hard-up motorists were unimpressed, wondering why they are still paying way over 100p a litre when oil prices have plunged more than 40% since July.

The country’s largest supermarket has 430 forecourts in the UK, many of which will now be charging 106p for a litre of unleaded fuel, but that’s just 13p, or 11%, less than this summer’s high.

Oil prices continued to fall today, plunging more than $5 at one stage to within a whisker of $81 a barrel, a one-year low. US light crude for November delivery is currently down $3.69 at $82.90.

Michael Hewson, a technical analyst at Digital Look, says his charts show any sustained activity below $85.80 could open a move to test $75 a barrel.

At the moment, what people pay for their petrol often depends on whether their town has an Asda supermarket. The Wal-Mart-owned chain is often the most competitive, keeping rivals in check.

“A two-tier market had been opening up with towns with an Asda enjoying significantly lower prices,” said an AA spokesman.

Experts say it takes between six and eight weeks for price moves on global exchanges to feed through to the pump, so lower prices may be on their way.

Meanwhile, Prime Minister Gordon Brown warned energy companies that falling oil prices must be passed on to customers in Britain.

“We are determined that just as people act quickly to pass on the rise when the oil price rises, they pass on the fall when the oil price falls,” he said at an energy meeting in Swindon.

• News Channel