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Petrol to fall below £1 a litre, experts predict

Analysts forecast that petrol prices could dip below £1 a litre by the time of May's general election, amid expectations in some quarters that oil prices could fall to $40 a barrel. Morgan Stanley is forecasting that prices could even briefly fall to as low as $35 a barrel before recovering. The average cost of a litre of petrol has dropped from 131.6p in July, when oil was $105 a barrel, to 112.6p a litre now with oil at $57 a barrel. The big four supermarkets - Asda, Morrisons, Sainsbury's and Tesco - announced this week that they were knocking a further 2p a litre off their fuel prices.

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