Asda is scrapping its price guarantee next month

Long-running offer will end on 3 October - supermarket says it will continue to lower prices on thousands of products

Asda will end its price guarantee which gives customers money off if their shop at the supermarket is not 10 per cent cheaper than at a rival chain.

Asda said the guarantee, which has run since 2010, will end on 3 October but it assured customers that it has lowered prices on thousands of products to make up for the change.

Customers can check the price of their shop against other supermarkets until that date and then have 28 days to redeem any discount vouchers they receive.

​Asda said on its website: “It’s a decision we’ve not taken lightly because we love it dearly, but in reality, we know our customers don’t love it enough for us to keep it.

“Instead they want us to focus our investment on lowering our prices, and they’ll let us know if we’re falling out of step with the competition.”

The news will not be warmly welcomed by the “wombling” community – a group of people who scavenge for others’ discarded receipts to use the discount on their shopping.

​Asda has come under huge pressure in recent years from discount chains Aldi and Lidl which have rapidly eaten into its market share at the lower-priced end of the groceries market.

The company, which agreed a merger with Sainsbury’s earlier this year, said on Wednesday that it has invested over £100m in lowering prices on its most popular products and promised further reductions, with the latest round due this month.

Chief customer officer Andy Murray said the price guarantee had become “less and less relevant” and is now used by less than 1 per cent of shoppers.

“Today, customers are savvier than ever on the price of their shopping,” he said.

“They have more price information at their fingertips than ever and they vote with their feet if they feel a retailer is off the mark on price, and when we asked them what they wanted us to focus on more than anything – the response was clear; invest everything you can in everyday low prices.

“They want us to get our prices low, and keep them that way.”