Petrol price war in UK Supermarkets

SUPERMARKETS launched a petrol price war today, with three of Britain's biggest chains cutting the cost of unleaded and diesel by up to 5p a litre.

Supermarket chain Asda announced it would cut the cost of unleaded and diesel by 3p a litre, and Morrisons swiftly followed suit by cutting the price of unleaded and diesel by 4p a litre.

Sainsbury's said it was cutting petrol by 5p a litre from Thursday for customers who spent £50 or more in stores. The promotion will run for two weeks.

The price of a barrel of oil dropped from a peak of 147 dollars to 130 dollars in recent weeks.

Asda said all 170 of its petrol forecourts across the country would sell unleaded petrol for 113.9p a litre and diesel for 128.9p a litre from today.

Asda trading director David Miles said: "We are seeing a more stable reduction in oil prices, allowing us to pass on the savings to customers."

Morrisons' move came into effect at 6pm yesterday.

AA president Edmund King said: "Since mid-July, the wholesale gasoline price has fallen six per cent and the AA expects fuel suppliers to pass on, not pocket, the saving for the good of UK families."

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Petrol thieves to get the spike

A petrol station in north London has installed security spikes to stop motorists driving off without paying.

The Drivestop device has been fitted at the service station on Seven Sisters Road, in Finsbury Park, after a rise in the number of fuel thefts.

If a motorist drives away from a pump without paying, warning signs flash. Staff can then activate the spikes if the motorist continues to drive off.

The system tags the tyres so police can link the car to the petrol station.

'Try their luck'

Owner Mukesh Patel said: "Drive-off is a big issue now. Last year we lost about £7,000 - over five years we've lost about £20,000.

"All those drive-offs and we haven't had one come back yet [to pay] and the police are not doing anything about it, so we have to have our own security."

Jaginder Mudhar, who invented the system, said: "It gives the managers and the operators the ability to do something from behind that cash counter.

"Innocent people who forget to pay will stop when the red lights are flashing.

"People who have got something to hide, who have something to steal, will try their luck but will find that they won't be successful at all."

Crunch hits second-hand car trade

The credit crunch appears to be hitting the second-hand car market, according to latest figures.

The amount people intend to spend on used cars over the next few months has fallen compared with last autumn and the early part of this year, statistics from Sainsbury's Finance showed.

Around 4.9 million people plan to buy second-hand cars in the period March-August 2008 and intend to spend a total of £22.76 billion or £4,636 per vehicle on average.

Fuel prices to remain high for 8 years, UK motorists warned

With crude prices breaking 135 dollars per barrel (dpb) Thursday, accountants Grant Thornton suggested that petrol costs in the UK could reach Pnds 1.21 (Dlrs 2.40) per liter, if oil hits 140 dpb.

Prices would soar to Pns 1.46 per liter, if oil breaks 200 dpb, it said.

The average cost of a unleaded petrol in Britain is now over Pnds 1.13 per liter, with motorists suffering from almost daily rises over the past month.

The warning comes as investment bankers, Goldman Sachs, have been advising clients, including airlines and haulage groups, to buy oil supplies now for delivery in eight years, to insulate themselves from further increases.

The bank, which has previously forecast the possibility of oil reaching 200 dpb next year, has said that there could be a major shortage of oil over the next 10 years.

The escalating prices has prompted a renewal of fuel protesters, who are due to converge on London next week to demand that the government cuts the high fuel taxes, which are due to go up again in October by a further 2 pence per liter.

Britain's Automobile Association (AA) is backing the demand to shelve October's increase, while blaming speculators for the unprecedented run on oil prices.

"For the consumer it is very worrying that you have got financiers taking a punt on the price of oil which then becomes a self- fulfilling prophecy," said AA president Edmund King.

"This is now affecting the daily lives of millions of people and ministers should be looking at a range of options to deal with the rising cost of petrol," King said.

There is already anecdotal evidence that motorists are "downsizing" their vehicles because fuel costs for family cars are now so high, facing bills of more than Pnds 70 when filling up popular saloons, twice the price of three years ago.

US car dealer in free gun offer

A car dealership in the United States is offering a free handgun with every vehicle sold.

Max Motors in Butler, Missouri, says sales have quadrupled since the start of the offer.

Customers can choose between a gun or a $250 (£125) gas card, but most so far have chosen the gun.

Owner Mark Muller said "we're just damn glad to live in a free country where you can have a gun if you want to".

The dealership sells new and old vehicles, including General Motors and Ford cars and trucks, and its logo shows a cowboy holding a pistol.

It has sold over 30 cars and trucks in the past three days, an increase which the owners put down to their promotional offer.

Inspiration from Obama

Mr Muller said that every buyer so far "except one guy from Canada and one old guy" chose the gun, rather than the gas card.

He recommends a Kel-Tec .380 pistol, which he describes as "a nice little handgun that fits in your pocket".

He added that the promotion was inspired by recent comments from one of the Democratic nominees for the presidential election, saying: "We did it because of Barack Obama.

"He said all those people in the Midwest, you've got to have compassion for them because they're clinging to their guns and their Bibles. I found that quite offensive. We all go to church on Sunday and we all carry guns."

The website advertisement for the offer, which continues until the end of the month, mentions that an approved background check on gun ownership is required.