Posted on December 02, 2008 by Fiona Hilliard

UK drivers are rejoicing as petrol and diesel prices are at their lowest in over a year and a half.

The latest price drop comes in the wake of retail chain Asda announcing another cut in its petrol prices today.  The chain will be cutting its prices for unleaded petrol by a penny to 88.9p. 

Commenting on the price crash, the supermarket said it was the first time since March 2007 that prices have been so low.  The latest cut is the eleventh reduction in fuel prices that they’ve made since July this year. 

It is now anticipated that rival supermarket chains Tesco and Sainsbury’s will be cutting their fuel prices to bring them into line with Asda.

The same can’t be said for petrol prices in the Republic of Ireland however.  Irish motorists are paying above the odds for fuel according to Fine Gael. 

According to Fine Gael’s Finance spokesman Richard Bruton, petrol is 24% more expensive in Ireland while diesel costs 18% more.

The party is accusing Irish retailers of not passing on the cuts as quickly as EU counterparts and is lobbying the government to intervene.