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Total, BP Cutting Petrol Prices

France's oil giant Total and Britain's BP have agreed to cut petrol prices

France?s oil giant Total and Britain?s BP have agreed to cut French fuel prices after government threatened to levy a new tax on oil firms because of soaring crude prices.

Total cut prices by 0.03 euros a litre for petrol and 0.02 euros per litre for diesel, and will reduce prices by the same amount again on Saturday. BP said it would cut prices on Monday.

The move came as European Finance heads discussed the economic fallout of surging oil prices at talks in the UK.