The price of petrol has fallen to below £1 for the first time this year, after Asda and Morrisons reduced unleaded to 99.9p a litre.

Sainsbury’s said it would match the price at forecourts where a competitor had taken the price below a pound, but Tesco, which also sets prices depending on local competition, did not follow suit. Instead it said from Monday it would offer 5p off every litre of fuel when customers spent £50 or more in store.

The cuts come with the price of oil having almost halved from record highs earlier this year.