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Oil price falls hit pumps

Supermarket giant Tesco said it is cutting the cost of petrol by 3p a litre as oil prices fall to their lowest level for a year.

It follows a penny cut by rival Asda at the start of this week, and price drops made by a host of retailers last month.

Light, sweet crude for November delivery on the New York Mercantile Exchange tumbled as low as $82 a barrel - 44% cheaper than a $147 high in July.

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