The cost of a barrel of oil has dipped to just $59.32 a barrel the lowest price seen since February 2007, a massive fall down from the record high of $147 per barrel this July.

Two of Britain’s biggest supermarkets yesterday sparked off a new battle in the petrol price war by promising to cut pump prices by 3p a litre to a new low of 94.9p. Both Sainsbury’s and Asda have upped the game at the pumps, with the former announcing price cuts to the 94.9p per litre of unleaded at the majority of its stores, and the latter countering by promising 94.9p nationwide on unleaded petrol and 107.9p on diesel.

This takes petrol prices down to their lowest since they began creeping up last September, and comes after an announcement that OPEC (Organisation of the Petroleum Exporting Countries) would be cutting its output by 1.5m barrels a day to 27.3m barrels starting this November – in a matter of weeks – in a bid of halt the falling price of oil.

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