Richard Hammond’s favorite supermarket “Morrisons” has reported that rocketing fuel prices have stripped it’s shelves of nearly £40om profits over the last year.
Their figures show that much of this money simply moved from the checkout to the fuel forecourt. Morrisons fuel sales benefited from higher oil prices, rising 18% over the last year on a like-for-like basis. That boosted its total turnover from petrol and diesel by over £530m, lucky them!
If this trend is “the norm” for other UK fuel and food retailers, the increased turn over has been a windfall for the government who are yet to introduced the mythical “fare fuel stabiliser”.
With £400m less food on the table and an extra £530m in our fuel tanks just from Morrisons alone, it seems to many that something going very wrong for UK motorists. Again the AA has urged Mr Cameron and other expense fiddling cronies to make a reduction in fuel dity and VAT, as expected, its falled on dumb deaf ears.
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I personally find it disgusting to see them profit on fuel with the general public forking out millions making us poorer and the corporate execs even richer, there needs to be a limit set by the goverment of how much they can charge.
Or a fuel company who undercuts them that way we will have a price war!
Turnover is not profit. Just because the price of fuel has increased doesn’t necessarily mean Morisons are making more profit from that segment than they used to. In fact, they say turnover is up 18% year on year, if fuel prices increased more than that over the period, then the story is really that Morisons are shifting less fuel than they used to.