Supermarket giants Asda and Sainsbury's are cutting up to 3p a litre from the price of fuel.
The retailers said the new prices would come into effect on Tuesday.
Asda said an ease in global oil prices has enabled it to pass those savings on to motorists.
Drivers filling up at any of Asda's 195 forecourts nationwide will now pay no more than 129.7p per litre for unleaded and 134.7p per litre for diesel.
Andy Peake, Asda's director of petrol trading, said: "Motorists will be pleased to know fuel is now at the lowest price in over a year as prices have fallen 11p since their peak in April.
"Unlike other retailers, our price cuts benefit everyone across the country, meaning that no-one filling up at Asda will be forced to pay a premium for their fuel."
A Sainsbury's spokesman said: "From tomorrow we will be cutting petrol and diesel prices in our petrol stations by up to 3p per litre. Sainsbury's is committed to delivering great value and helping customers cut down on cost wherever possible."
The most expensive petrol in the world