Asda cuts unleaded to under £1 a litre in 'three-day price drop'

Asda may be boycotting Black Friday, but the supermarket retailer has announced a ‘three-day price drop’ that coincides with the US-inspired discount day.

The Walmart-owned grocer said drivers filling up at any of its 273 filling stations across the country will pay only 99.7p per litre for unleaded and 103.7p on diesel across the weekend.

The 4p per litre cut takes unleaded to under £1 for the first time since summer 2009.

On Wednesday, Chancellor George Osborne held off a price increase on fuel duty.

Asda’s president and chief executive officer Andy Clarke had urged Osborne to continue with the freeze in the March Budget following feedback from Asda Mums that an increase would put pressure on household finances.

As a result, the retailer said confirmation this week that a freeze would remain in place was welcome news.

Asda said earlier this month that instead of taking part in Black Friday, it will invest £26m in savings across the festive shopping period.

The supermarket claimed "shopper fatigue" was causing a drag around one-off sales on big-ticket, non-essential items at Christmas.

"The decision to step away from Black Friday is not about the event itself," said Asda chief executive Andy Clarke.