Supermarkets Asda and Morrisons and oil giant BP have cut the price of petrol to below £1 for the first time since December 2007.
Asda, Morrisons and BP are now selling unleaded petrol at 99.9 pence per litre and also cutting the price of diesel, as the price of oil continues to fall.
BP has said the new price would apply "at a number" of its outlets.
Sainsbury's has also said it will now cut its forecourt petrol prices on Thursday.
The price of a barrel of oil has fallen from a high of around $147 in July to less than $80, and the firms said they were passing this drop on to customers.
The average price of unleaded petrol in the UK is currently around 117p.
Asda said the move would be a "welcome boost for consumers at a time of economic gloom and high inflation".
Back in July this year, 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.
Last week, Tesco sparked a new round of price cuts after slashing prices by 3p a litre at its 430 forecourts. |
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