Morrison and Asda were the first to reveal their plans on Monday followed by Sainsbury’s and Tesco.
Asda is the only supermarket with a national price cap, and it is now positioned at 114.7ppl on unleaded petrol and 116.7ppl on diesel at its 301 filling stations.
It claimed its price cut was prompted by a fall in wholesale prices over the last week.
Asda’s head of petrol trading Dave Tyrer said: “Today’s latest move shows that Asda is once again leading the way in reducing the price at the pumps to help the millions of motorists across the UK.
“Our new national price cap of 114.7ppl on unleaded and 116.7ppl on diesel will be welcomed by the millions of drivers who have seen fuel prices climb over the last 12 months.”
RAC fuel spokesman Simon Williams said: “This is the perfect spring gift for motorists to go with longer days and warmer weather. No doubt other retailers will follow suit and we will see prices on every forecourt come down.
“While this cut may come as a surprise to drivers as prices at the pump have been going the wrong way for months, it is has been on the cards for a couple of weeks – we’re very relieved retailers have acted without any need for outside encouragement.
“This price cut was made possible by the fact the oil price has dipped in the last two days of trading, reaching its lowest in nearly four months on news that the US has record crude supplies. Before that the OPEC oil producing countries cuts had been sending fuel prices up.
“This should now help to bring prices down on every forecourt from the 120ppl average for unleaded and 122ppl for diesel.”
AA spokesman Luke Bosdet said: “A fall in the oil price from above $55 a barrel to below $52 is now working its way through to the pump.
“However, with the pound’s exchange rate with the dollar remaining volatile, where pump prices eventually end up remains uncertain.
“All the same, falling wholesale prices should shake up petrol pump prices and, initially, competitive non-supermarket forecourts will be the place to look for as much as a £1 off a tank of fuel.”