Oil prices have fallen 10% in the 3 days since the International Energy Agency decided to release 60million barrels of crude onto world markets, with fears of a global slowdown knocking prices. The global advice group confirmed last week that the extra oil would be released from stockpiles over the next 30 days to make up for reduced production due to the troubles in Libya.
At the end of last week, Tesco petrol forecourts cut 3p off a litre of petrol with news of falling oil costs, with rivals Asda and Sainsbury doing the same. Today, Asda knocked a further 2p a litre off the cost of its petrol and diesel today after it emerged that the price of oil has fallen again. The big supermarkets are now embroiled in a price war and from Wednesday until Sunday there is an offer on with Sainsbury to customers spending £60 or more in store, a further 10p a litre off.