Asda triggered the price war after announcing yesterday that it will cut the price of its petrol by 2p per litre at its 217 forecourts from today.
Supermarket rivals Tesco and Sainsbury’s followed suit, pledging to reduce their petrol prices by up to 2p a litre from today.
Morrisons, the UK’s fourth largest grocer, also said it will shave up to 3p a litre off petrol and 1p a litre off diesel today.
The reductions come after supermarkets cut 2p a litre off the price of diesel last week.
“It is something we had been expecting and we hope this is will lead to a reduction in the average price of unleaded petrol across the UK,” an AA spokesperson told City A.M.
Asda – the only retailer to have a national price – said its prices are now capped at 133.7p per litre. The average UK price was 137.3 per litre on Sunday.
“This price cut will be widely welcomed by UK motorists and it is encouraging to see that the drop in the wholesale price of fuel is being passed on”, David Bizley, RAC’s technical director, said.
“Nonetheless, it is difficult to underestimate the impact that the UK’s high fuel prices are having on us as individuals,” he added.