The major four supermarkets in the UK have been accused of overcharging drivers by an extra 6p per litre for fuel, resulting in nearly £1 billion in excess charges, as discovered by competition watchdogs.
The guilty parties, namely Asda, Tesco, Sainsbury's, and Morrisons, have been named, prompting government officials to promise the creation of a new PumpWatch fuel price checker to help bring down costs for consumers.
Reports suggest that Asda and Morrisons have significantly increased their profits from drivers ever since they were taken over by private equity firms.
According to the Competition and Markets Authority, Asda's profit margins have tripled since 2019, while Morrisons' margins have doubled during the same period.
Overall, the supermarkets' annual fuel profit margin rose from 4.6p per litre in 2019 to 10.8p per litre last year, as they chose to prioritize their own profits rather than passing on the savings from falling oil prices to motorists.
Due to these higher prices, drivers had to pay around £900 million more at the pumps in 2022 than they should have.
The guilty parties, namely Asda, Tesco, Sainsbury's, and Morrisons, have been named, prompting government officials to promise the creation of a new PumpWatch fuel price checker to help bring down costs for consumers.
Reports suggest that Asda and Morrisons have significantly increased their profits from drivers ever since they were taken over by private equity firms.
According to the Competition and Markets Authority, Asda's profit margins have tripled since 2019, while Morrisons' margins have doubled during the same period.
Overall, the supermarkets' annual fuel profit margin rose from 4.6p per litre in 2019 to 10.8p per litre last year, as they chose to prioritize their own profits rather than passing on the savings from falling oil prices to motorists.
Due to these higher prices, drivers had to pay around £900 million more at the pumps in 2022 than they should have.
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