Leading supermarket chains have announced they are reducing fuel prices after global oil prices went down.

Asda is cutting the price of fuel by up to 2p per litre capping unleaded at 114.7p and diesel at 116.7p, it is reported on Sky News.

Both Morrisons and Tesco are also reducing fuel prices by up to 2p per litre.

The cuts will be welcomed by motorists who have seen other product prices increase with the fall in the value of the pound making imported goods dearer.

According to Sky News the supermarket announcements come after a sharp fall in the cost of a barrel of Brent crude on world oil markets.

It is said that global markets are over-supplied with the United States producing high levels of fuel.