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Brent crude oil price falls below $50 for first time since 2009

The price of Brent crude oil prices has fallen below $50 (£33) a barrel for the first time since May 2009.

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Osborne announces review of fuel price impact

Chancellor George Osborne has announced a review of the impact of items such as fuel bills, air fares and the forecourt price of petrol.

Mr Osborne welcomed a move by four major supermarkets to cut 2p from the cost of a litre of petrol as the slump left a barrel of Brent crude trading at about 52 US dollars a barrel, the lowest since May 2009, but said more action was required.

After leading a Cabinet discussion on the issue he tweeted that it was "vital" that lower wholesale prices were passed on to consumers.

A Treasury spokesman said: "The Government is conducting studies of industries like the utilities and the airlines. We are examining if any action needs to be taken."

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