Supermarket chains Asda, Morrisons and Tesco have announced that they are cutting the prices they charge for petrol and diesel from Tuesday, in a move likely to spark a price war between major retailers.

Asda’s announcement on Monday ended four consecutive months of rises and was matched by Morrisons and Tesco with Sainsbury’s broadly expected to follow suit and slash prices in the coming days.

Starting from Tuesday, motorists will pay no more than 114.7p per litre for unleaded and 116.7p per litre for diesel at Asda's 301 filling stations, the retailer said.

The average price of petrol in the UK is 120p per litre, while diesel is 122.9p per litre, according to the latest Government figures.

Rival Morrisons took to Twitter to announce that it would match the offer, telling its followers: “Good news for motorists! From [Tuesday] morning, we’re dropping the price of our unleaded and diesel by up to 2 pence a litre.”

Roger Fogg, Morrisons services director, said: “We will always aim to drop prices as soon as we can and always keep them far below the UK average.”

“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,” Dave Tyre, Asda head of petrol trading said.

Tesco announced that it would also cut fuel prices by up to 2p per litre at its 500 petrol filing stations.

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."

The price cut was made possible due to a recent fall in oil prices.

Global oil prices slipped to their lowest level in three months earlier this week. Brent crude was changing hands at around $51 per barrel on Monday, according to Reuters, near its lowest level since the end of November.

"A fall in the oil price from above $55 a barrel to below $52 is now working its way through to the pump," Luke Bosdet, a spokesman for the AA, said.

UK supermarkets ranked by value for money Show all 10 1 /10 UK supermarkets ranked by value for money UK supermarkets ranked by value for money 1. Waitrose Getty Images UK supermarkets ranked by value for money 2. Aldi Getty Images UK supermarkets ranked by value for money 3. Sainsbury's Getty Images UK supermarkets ranked by value for money 4. Marks & Spencer UK supermarkets ranked by value for money 5. Lidl Getty Images UK supermarkets ranked by value for money 6. The Co-op Getty Images UK supermarkets ranked by value for money 7. Morrisons Getty Images UK supermarkets ranked by value for money 8 = Asda Getty Images UK supermarkets ranked by value for money 8 = Tesco BRISTOL, ENGLAND - NOVEMBER 18: (EDITORS NOTE: This image was created using digital filters) The Tesco sign is displayed outside a branch of the supermarket on November 18, 2015 in Bristol, England. As the crucial Christmas retail period approaches, all the major supermarkets are becoming increasingly competitive to retain and increase their share of the market. (Photo by Matt Cardy/Getty Images) Getty UK supermarkets ranked by value for money 10. Iceland Getty Images