Asda led the latest round of petrol price cuts this week, despite CEO Andy Bond claiming aggressive fuel price cutting had cost Asda £3m in October alone.

The retailer cut petrol to 90.9p/l, with diesel down to 105.9p/l - a move that prompted other supermarkets to follow suit.

Asda's determination to lead on price had meant selling fuel at a loss, Bond told The Grocer. "We lost £3m in October lowering the price of petrol ahead of the market," he said.

"The biggest KVI (known value item) in supermarkets at the moment is actually nothing to do with food, it's petrol," he added.