Ahead of the forthcoming Budget, two major supermarket chains have announced a welcome fuel price cut.

The first company to show its hand was Tesco, which has announced a reduction in its petrol and diesel by 1p a litre.

Asda then followed, with the supermarket giant taking up to 1p a litre off its petrol and up to 2p a litre off its diesel, pledging motorists would pay no more than 132.7p a litre for diesel and 126.7p a litre for petrol.