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.
Oil price was $53 pbl last night - lowest in 5yrs. Vital this is passed on to families at petrol pumps, through utility bills and air fares
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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