UK petrol prices drop to 5-year low

London - British petrol prices have fallen to the lowest level for five years, data published by the government show, reflecting the steep decline in crude oil prices.

Prices at the petrol pumps have slumped to an average of 111.06 pence per litre this week, the lowest since the week starting January 11, 2010, according to Britain's energy ministry.

Diesel prices have also fallen to multi-year lows at 117.93 pence per litre, a level not seen since September 20, 2010.

A glut in global oil supplies has caused Brent crude prices to more than halve in a little more than six months, with motorists now starting to benefit from the decline.

Consumer groups have complained that the slump in wholesale prices had not been passed on to consumers, with less than half of the drop in crude accounted for by early December, even after exchange rates and taxes were taken into account.

British finance minister George Osborne, gearing up for a May general election, warned petrol retailers in November that he will be watching them carefully to ensure that savings from falling wholesale prices are passed on to consumers.