By Daniel Hunter

Asda has announced plans to spend £300 million on price cuts in the first three months of the year.

The supermarket chain will cut the prices of "essentials" like fruit and veg, milk, toilet roll, cereal, meat, eggs and fish.

It is the latest twist in the 'supermarket price-war', which started with the huge rise in popularity of discount supermarkets like Aldi and Lidl.

Morrisons last year announced it would cut prices on more than 1000 products in a bid to boost sales.

Asda yesterday (Monday), along with the other big supermarkets, announced further cuts to fuel prices as the price of oil continues to drop. Asda said customers would pay no more than 105.7p per litre for petrol and 112.7p for diesel.

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