Fuel profit margins for supermarkets have 'more than doubled' since the war in Ukraine began, according to a new report from the RAC
The report found the rise was instigated by Asda – which was also fined £60,000 for not co-operating fully with the CMA investigation – and Morrisons, the two cheapest fuel sellers, which last year each made the decision to target higher margins.
Other retailers, including Sainsbury’s and Tesco, didn't respond “in the way you would expect in a competitive market” and “instead raised their prices in line with these changes”, the CMA found. Diesel prices have also been slow to drop in 2023, partially down to Asda ‘feathering’ its prices and other firms not responding competitively to that.
“Competition at the pump is not working as well as it should be, and something needs to change swiftly to address this,” said Cardell.As such, the CMA recommended a"fuel finder scheme" to give drivers access to live, station-by-station fuel prices on their phones or sat-navs. This would “help revitalise competition in the retail road fuel market”.
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