Asda and Morrisons have both raised their margins on fuel since their takeover by private equity firms, according to the UK competition watchdog, which warned that weakening competition was pushing up motorists’ costs (Financial Times £).
The UK energy secretary has accused fuel retailers of using motorists as “cash cows” after a consumer watchdog found that drivers were paying more for petrol and diesel than before the Covid pandemic because of “weakened” competition (The Guardian).
Asda, Morrisons, Tesco and Sainsbury’s overcharged drivers by £900m in 2022 alone, according to the competition watchdog, in the latest salvo against grocers as they battle accusations of profiteering (Telegraph).
A scheme to allow motorists to compare local fuel prices will be set up by the prime minister after an inquiry found they had been ripped off by supermarkets (The Times £).
Supermarkets and other fuel retailers will be forced to publish live prices under a new scheme aimed at stopping them overcharging, the government says (BBC News).
The Grocer also picked up the story and focused on a £60,000 fine for Asda for a lack transparency over fuel prices, while the other supermarkets escaped action despite inflating prices at the pumps.
Yesterday’s Daily Bread blog in The Grocer examined the three big questions raised by CMA fuel finder price comparison proposals.
Unilever has been named as an international sponsor of war by the Ukrainian government after the Marmite, Dove and Domestos owner became subject to a law in Russia obliging all large companies operating in the country to contribute directly to its war effort (The Guardian). The move came as campaigners called on Unilever’s new boss, Hein Schumacher, who started work this weekend, to withdraw from Russia, where its local business continues to sell “essential” products from tea to ice-cream, after evidence emerged that it paid Moscow $331m in taxes last year.
The company, which owns Marmite, Hellmann’s mayonnaise and Dove, was accused by Ukrainian veterans of “contributing hundreds of millions in tax revenues to a state which is killing civilians” (Telegraph).
An editorial in the Telegraph thunders that Unilever is a ‘war sponsor’ – not an ethical champion as the conglomerate’s progressive messaging clashes with commercial realities in Russia.
Venture capital funding for plant-based meat start-ups has slumped to its lowest level since 2018, as a weaker economic outlook and rising interest rates curb enthusiasm for the once high-flying industry (Financial Times £).
Guinness is aiming to triple production of its zero-alcohol brand in response to a growing consumer taste for non-alcoholic drinks (Mail).
Sales of no- and low-alcohol beer are experiencing a summer surge, with brewers boosting production to meet growing demand (The Guardian). The increasing thirst for beer that is not booze has been attributed to a growing desire among many individuals – particularly some generation Zs and millennials – to lead a healthier lifestyle, coupled with premium brands launching beers that are said to taste more “authentic”.
A manufacturer of sustainable packaging backed by Diageo, the global spirits giant, will this week unveil a new round of funding to enable the delivery of a commercially scalable production line (Sky News).
The millionaire founder of one of Britain’s fastest-growing food companies is being prosecuted over the felling of dozens of protected trees. The Telegraph reports that Sukh Chamdal, the founder of the egg-free confectionery business Cake Box, is accused of causing or allowing the felling of at least 132 trees in woodland at Debden Hall, Essex.
The Times (£) follows up the story and writes that Chamdal, who founded the vegan bakery franchise because his daughter said she did not want “dead chickens” in her birthday cake, pleaded not guilty last month to “causing or allowing” the destruction of the trees in an Essex woodland as part of his plans to build a mansion.
Gerry Murphy has been confirmed as Tesco’s next chairman, replacing John Allan after he resigned following allegations of unprofessional behaviour (Mail).
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