Belfast Telegraph

Price of diesel at lowest for five years

By Roger Baird

The average price of diesel has fallen to a five-year low, according to the research group Experian Catalist.

Over the last week the major supermarkets - Sainsbury's, Morrisons, Tesco and Asda - all cut prices between 2p and 4p per litre.

This brought down the average price to below 113p per litre for the first time since January 2010.

Average petrol prices have also been falling, hitting 115.24p per litre, their lowest level for three months.

However, Experian Catalist points out that this is the first time in 14 years that the UK average diesel price has been lower than the average unleaded price.

The price of oil has fallen by more than half since last summer to just under $50 (£32) a barrel.

This is due to an oversupply of crude on the world markets as Saudi Arabia and other large producers refuse to curb output in a bid to put pressure on US shale oil and gas explorers who have higher production costs.

At the same time demand for oil has eased from China as its economy has slowed down in recent months.

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