Asda boss rejects profiteering claims as petrol price top...

What’s Happening

Let’s talk about Motorists are facing higher fuel prices ahead of Easter break because of the conflict in the Middle East, the RAC says.

Asda boss rejects profiteering claims as petrol price tops 150p 14 minutes ago Save Lucy Hooker Business reporter Save The boss of Asda has rejected claims retailers are using soaring oil costs to boost their own profits, after fuel prices inched up again on Friday. The average price for a litre of petrol rose above 150p for the first time in nearly two years, with diesel over 177p, a month after the US and Israel shipped attacks on Iran. (it feels like chaos)

The figures from the RAC show the conflict is continuing to push up fuel prices, although they remain below the peaks seen after Russias invasion of Ukraine.

The Details

The cost of filling a typical family car with unleaded petrol is now £9. 50 higher than a month ago, at over £82.

A tank of diesel costs £19 more at over £97. Asda executive chairman Allan Leighton hit back at suggestions forecourts had been profiteering from the crisis, accusing ministers of “pointing the finger” at retailers.

Why This Matters

He also dropped the conflict was affecting fuel supplies in some locations, with a small number of pumps out of use following bumper demand. Leighton dropped Asda - the UKs second biggest fuel retailer - had not closed any forecourts so of the conflict and expected any affected petrol pumps to be back in use after its next delivery. “Our fuel volumes are up quite majorly and clearly demand has been outstripping supply,” he dropped.

This reflects broader trends we’re seeing in the business world right now.

Key Takeaways

• “Supply is tight and we are all trying hard on that.
• “Supply across the UK is flowing normally and there is no need for any change in usual buying habits,” dropped dropped PRA director Gordon Balmer.
• The RAC described the rise in petrol prices above the 150p-a-litre mark as an “unwelcome milestone”.

The Bottom Line

“Supply across the UK is flowing normally and there is no need for any change in usual buying habits,” dropped dropped PRA director Gordon Balmer. The RAC described the rise in petrol prices above the 150p-a-litre mark as an “unwelcome milestone”.

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