By Jonathan Davies

Another day, another fall in oil prices. Brent crude oil has today (Wednesday) dropped below $50 per barrel for the first time since May 2009.

Brent crude dropped by more than $1 to $49.92 in early trading on Wednesday.

It follows large falls over the last two days, including a 6% drop on Monday.

Yesterday (Tuesday) also saw US oil prices, which are typically cheaper than Brent crude, also fall below $50 a barrel for the first time since April 2009.

'Let families benefit'

The Chancellor George Osborne has warned that it is "vital" for the fall in oil prices to be passed on to families.

Mr Osborne tweeted saying that families should see the benefit in their utility bills, not just in fuel prices.

He said the government should watch the industry "like hawks" to make sure savings are passed on.

People are already seeing huge savings at the pumps, with prices nearing the £1 per litre mark. Earlier this week, the big four supermarkets further cuts of 2p per litre.

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