Brands such as Nestle and Pepsi have not yet reached an agreement with Costco to sell all their products.

Costco wins the bragging rights for having the cheapest Grange. Photo: Michael Clayton-Jones

Dan Murphy's has lowered its price for the latest Penfolds Grange 2007, dropping it to $479.99 this afternoon to offer the lowest local price for the iconic label.

This morning, Costco had trumped the major supermarkets in the battle to offer the lowest price, selling Grange for $489.99.

The US discounter revealed its pricing for the 2007 vintage after Coles said it would have a $499 price tag at its 1st Choice liquor outlet - a 20 per cent discount to the recommended retail price of $625.

Coles' arch rival Woolworths had initially said on its Dan Murphy's website that it will sell the latest vintage for $554.60. This price was put on the Dan Murphy's website at 8am, however that price was expected to change as Coles and Woolworths battle it out to offer the most competitive price among the major supermarkets for Grange lovers.

At Costco the price is only available at its three warehouse supermarkets in Melbourne, Sydney and Canberra where purchases must be made by 'club members'.

In early unconfirmed reports, a government-owned liquor outlet in Canada is selling the Grange at $424 Canadian dollars ($416).

As shops began to open this morning, 1st Choice had the lowest price among the outlets owned by the supermarkets, although buyers were limited to two bottles per customer.

Vintage Cellars, also owned by Coles, had a price of $520 also with a two bottle limit.

The release of the latest Grange has been highly anticipated with leading liquor retailers eager to attract loyal Grange buyers with the lowest prices.

Outside of the major retailers, independent sellers are pricing the vintage slightly higher.

Nick's Wines has the 2007 release at $550, Prince Wine Store is expected to charge $580-595 and an independent bottleshop in Elsternwick under the Cellarbrations banner has it for $600.