Credit crisis: in brief

Fuel: Tesco has cut petrol prices by 3p a litre. The oil giant Total and Morrisons followed suit. The average price of unleaded petrol is now 109.2p/l and diesel 120.6p/l. Petrol now costs 9 per cent less than the high of 119.9p on 17 July, with diesel prices 10 per cent cheaper. More cuts may be on the way. As the price of oil sank to a 12-month low, the Petrol Retailers Association said changes took between six and eight weeks to filter down to forecourts.