Skip to content
Search

Latest Stories

Mohsin Issa asked to appear before Commons panel over Asda’s fuel pricing

A Competition and Markets Authority report says the pricing policies of the UK's top retailers cost an additional £900m for customers in 2022 alone

Mohsin Issa asked to appear before Commons panel over Asda’s fuel pricing

A COMMONS panel has asked Asda co-owner Mohsin Issa to appear before it on July 19 over the retailer’s fuel pricing.

The Business and Trade Select Committee's request for the interview comes after the Competition and Markets Authority (CMA) said retailers including Asda were less aggressive in pricing, which resulted in motorists paying 6p extra per litre of fuel on average.

According to the antitrust watchdog, the pricing policies of the UK’s top four retailers cost an additional £900 million for customers in 2022 alone.

Its report said: “The historic price leaders in the retail market, primarily Asda but also Morrisons to some extent, have been taking a less aggressive approach to pricing by significantly increasing their internal margin targets for fuel over recent years, with the largest increase coming in 2022-23.”

In 2022, Asda decided to achieve "higher margins" by reducing prices in some of its petrol filling stations "more slowly than would previously have been the case as wholesale prices fell, with other retailers pricing by reference to them following a similar pricing path,” the CMA said.

“The potential profitability of any move by a retailer to increase their margins will depend on the response of their competitors,” it said adding, “In this case, other retailers, including the two other supermarket fuel retailers, Sainsbury’s and Tesco, have maintained largely passive pricing policies.”

However, the competition watchdog acknowledged the presence of Asda resulted in lower prices.

Lower prices in an area were “typically associated with having a supermarket competitor, and particularly an Asda competitor”, though the effect had weakened since the beginning of the last year, it said.

Issa, who along with his brother Zuber and the private equity firm TDR Capital bought Asda in 2021 for an enterprise value of £6.8 billion, said, “We have engaged fulsomely and openly with the Business and Trade Select Committee on grocery and fuel price inflation.”

“We are disappointed to hear that the committee feels there are discrepancies in our evidence and have provided them with a detailed response to their letter requesting a further interview”, he said.

Asda said in a statement that the company “carefully managed” its business to ensure it was the “cheapest traditional supermarket” for both groceries and fuel “despite record inflation”.

However, the retailer has not confirmed whether Issa will attend the interview with the parliamentary panel.

More For You

Campbell Wilson

Air India CEO Campbell Wilson steps down as Air India Express chair

Air India CEO Campbell Wilson steps down as Air India Express chair

AIR INDIA CEO Campbell Wilson is stepping down as chair of Air India Express, the airline’s low-cost subsidiary. He will be replaced by Nipun Aggarwal, Air India’s chief commercial officer, according to an internal memo sent on Tuesday.

Wilson will also step down from the board of Air India Express. Basil Kwauk, Air India’s chief operating officer, will take his place.

Keep ReadingShow less
Air India eyes Boeing jets rejected by Chinese airlines: report

Tata-owned Air India is interested in purchasing jets that Chinese carriers can no longer accept (Photo credit: Air India)

Air India eyes Boeing jets rejected by Chinese airlines: report

AIR INDIA is seeking to acquire Boeing aircrafts originally destined for Chinese airlines, as escalating tariffs between Washington and Beijing disrupt planned deliveries, reported The Times.

The Tata-owned airline, currently working on its revival strategy, is interested in purchasing jets that Chinese carriers can no longer accept due to the recent trade dispute. According to reports, Tata is also keen to secure future delivery slots should they become available.

Keep ReadingShow less
Infosys forecasts lower annual growth after Trump tariffs cause global uncertainty

The IT service firm said its revenue would either stay flat or grow by up to three per cent

Getty Images

Infosys forecasts lower annual growth after Trump tariffs cause global uncertainty

INDIAN tech giant Infosys forecast muted annual revenue growth last Thursday (17) in an outlook that suggests clients might curtail tech spending because of growing global uncertainty.

The IT service firm said its revenue would either stay flat or grow by up to three per cent in the fiscal year through March 2026 on a constant currency basis. The sales forecast was lower than the 4.2 per cent constantcurrency revenue growth Infosys recorded in the previous financial year.

Keep ReadingShow less
UK retailers

For many retailers, this has meant closing stores, cutting jobs, and focusing on more profitable business segments

Getty

6 UK retailers facing major store closures in 2025

In 2025, several UK retailers are experiencing major store closures as they struggle to navigate financial pressures, rising operational costs, and changing consumer behaviours. These closures reflect the ongoing challenges faced by traditional brick-and-mortar stores in an increasingly digital world. While some closures are part of larger restructuring efforts, others have been driven by financial instability or market shifts that have forced retailers to rethink their business strategies. Let’s take a closer look at six major UK retailers affected by these trends.

1. Morrisons

Morrisons, one of the UK's largest supermarket chains, is undergoing a significant restructuring in 2025. The company has announced the closure of several in-store services, including 52 cafés, 18 Market Kitchens, 17 convenience stores, and various other departments. This move is part of a larger strategy to streamline operations and address rising costs. Morrisons’ parent company, CD&R, has been focusing on reducing overheads and refocusing on core services.

Keep ReadingShow less
Starmer Trump

The UK is seeking an agreement with the US to remove Trump’s 10 per cent general tariff on goods and the 25 per cent tariff on steel and cars.

Getty Images

Industry warns Starmer: Strike deal with US or face factory job losses

FACTORY owners could begin laying off workers within months unless prime minister Keir Starmer secures a trade agreement with US president Donald Trump, MPs have been told.

Make UK, an industry lobby group, told the business and trade select committee that tariffs on British exports were reducing demand for UK-manufactured goods.

Keep ReadingShow less