Ashley Myers, Morrisons Head of Fuel, said: "We're passing on savings from falling wholesale costs and keeping our fuel prices far below the United Kingdom average".
"Our new national price cap of 122.7ppl will be welcomed by the millions of drivers across the United Kingdom", said Dave Tyrer, senior fuel buyer at Asda. Sainsbury's customers will have to wait until 9 November for the price cuts to filter to forecourts.
Three of the UK's biggest fuel retailers have announced cuts to the price of petrol.
David Pegg, fuel buying manager for Sainsbury's, said: "We always aim to offer our customers great value products and service, whether they're filling up their trolley in store or filling up their cars at the pumps. We hope that lowering fuel prices will help customers' budgets, and their cars, go further".
Supermarkets are cutting the prices of petrol by 2p-per-litre, as part of a round of cost cuts that could save the average auto driver more than £1 on a tank of fuel. Morrisons and Sainsbury's followed suit shortly after.
Fuel prices are now at a four-year high, with motorists paying an average of 130.6p per litre for petrol and 136.88p for diesel in October.
The lower wholesale price of petrol has been brought about by an 11% fall in the price of oil during October.
This means the average cost of filling a 55-litre family vehicle with petrol has stayed at £71.83 when it would have been almost £2 cheaper if retailers had reflected the lower wholesale prices on forecourts, according to the research.
The RAC described the supermarket price drop as "excellent news", but insisted it is "long overdue" as fuel retailers have "not played fair with drivers in a falling wholesale market".
Supermarkets have slashed the cost of petrol and isle in the United Kingdom in latest fuel price crash.
"There is also better news on the horizon for diesel drivers".
Owners of diesel vehicles have been hit by fuel price rises for 18 consecutive weeks, reaching an average of £1.37 per litre.