UK retailer Asda, which has seen recent sales lag behind its rivals, has launched a “cast-iron promise” that consumers will not find their shopping cheaper elsewhere.

The Wal-Mart arm yesterday (27 April) launched the Asda Price Guarantee, which will see the retailer refund the difference – plus a penny – if consumers find they could have paid less at Tesco, Sainsbury’s and Morrisons.

At 9am the day after consumers have made their weekly shop, they can visit the Asda Price Guarantee website, developed in tandem with, to see if they could have saved money elsewhere.

“From today Asda cannot and will not be beaten on price. Our guarantee puts an end to the phoney price wars that most shoppers are sick of,” said Asda chief executive Andy Bond.

“For the millions of shoppers who shop elsewhere, my challenge is this – come to Asda this weekend and see how much you’d save.”

Asda has laid down the gauntlet to its rivals as the latest data from Kantar Worldpanel showed the UK’s second-largest retailer was losing market share.

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In the 12 weeks to 18 April, Asda grew sales by 2.5% and saw its share of UK grocery sales dip from 17% to 16.9%, Kantar said.

UK grocery sales grew by 3% over the 12 weeks and Kantar said Asda was still “under-performing” the rest of the market after a “disappointing” Christmas.