Petrol retailers cut their prices

Total has become the latest petrol retailer to lower prices, a day after similar moves by BP and supermarkets Asda and Morrisons.

As the firms respond to the recent falls in oil prices, Total said it was cutting three pence off the cost of a litre of unleaded petrol and diesel.

Both Esso and Shell have also hinted that they may follow suit.

Total said it always aimed: "to pass on cost reductions to our customers wherever possible".

Morrisons was first to cut its prices on Thursday, reducing the price of fuel across its 285 petrol stations by 3p a litre.

Asda and BP quickly followed with their own reductions.

Average petrol prices are now back below 110p a litre, while diesel is under 120p.

Back in July, UK fuel prices hit record highs on the back of crude oil also hitting all-time peaks.

Petrol prices touched 119.7p a litre and diesel went as high as 133.25p.

As oil has since fallen significantly from July's highs, there has been criticism that the petrol retailers have not been quick enough to cut their prices.

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