Drivers filling up at any of Asda’s 322 petrol stations will pay no more than 114.7p per litre on unleaded and 116.7p per litre on diesel.

This latest price cut takes pump prices down to their lowest level since November 2017. Since January, Asda has lobbed 11p per litre off for drivers.

Morrisons followed suit by announcing it will cut 2p per litre off both unleaded and diesel at its 335 filling stations. However, the price cut will take effect from tomorrow (11 March).

The move comes just a day after motoring groups suggested petrol prices in the UK should fall by around 10p a litre in the coming weeks after the wholesale cost of oil fell to a four-year low in response to Saudi Arabia starting a price war with Russia.

The price of a barrel of crude oil fell to near $30 first thing on Monday from $60 just a few weeks ago. The last time it was at this level was in March 2016 where drivers paid an average price of 106p a litre.

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‘Real financial relief’

Asda senior fuel buyer, Dave Tyrer, said: “Once again we’re pleased to be passing on wholesale cost reductions to customers. It will be a welcomed boost, especially to diesel drivers who are seeing some of the lowest fuel prices since 2017. Anybody filling up at Asda will pay no more than 114.7ppl on unleaded and 116.7ppl on diesel regardless of where they live.”

Luke Bosdet, the AA’s spokesman on fuel prices, said for the past two years, UK drivers have had to endure petrol averaging 125p a litre – 15p a litre higher than during the lows of 2015 and 2016.

“Now, at last, some real financial relief will flow from the pumps.”

He added that currently there’s a 6p, soon to be an 8p, gap between the UK average price of petrol (122.9p) and what competitive supermarkets like Asda charge for it.

“That’s a more than £4-a-tank difference between forecourts that have their customers’ interests at heart and those that don’t,” he said.