Sky's PKelso says the CMA's findings highlight the consequences of the decision to allow the debt-fuelled takeovers of both Asda and Morrisons
actively seek to price fuel competitively, their rivals have simply pegged their prices to traditionally cheaper competitors.
In 2021, Morrisons was sold to US private equity operator Clayton, Dubilier & Rice for £7bn. In its first full year under new ownership it recorded a £1.5bn loss, caused in part by increased financing costs of £593m. Asda, it should be said, remains the cheapest petrol retailer in more than 70% of areas and, where they have a store, prices at competitors are generally cheaper too, and its response was entirely unapologetic, despite being landed with £60,000 worth of fines by the CMA for non-compliance.Grocery chains defend food prices
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