Home Breaking News Sainsbury’s hits back saying they ‘are not rip off retailers’ after CMA finds drivers paid £1bn more for fuel

Sainsbury’s hits back saying they ‘are not rip off retailers’ after CMA finds drivers paid £1bn more for fuel

by LLB Finance Reporter
6th Jul 23 3:47 pm

On Monday that the Competition and Markets Authority (CMA) found through an investigation that drivers paid almost £1 billion more in fuel.

The watchdog found the average supermarket fuel margins went up by 6p a litre between 2019 and 2022 and last year drivers were ripped off as they paid £1 billion at supermarkets.

Sainsbury’s bosses have hit back saying that they are “not rip off retailers” defended making profit over the scrutiny which has been related to higher food inflation.

During the annual general meeting (AGM) in London, the retailer also defended their position in providing pay packaged for their senior executives.

On Monday Grant Shapps MP said, “We’ll shine a light on rip-off retailers to drive down prices and make sure they’re held to account by putting into law new powers to increase transparency.”

‘Rip off retailers’ pump almost ‘£1 billion’ out of drivers pockets at the filling station

The supermarket group’s chairman Martin Scicluna said at the AGM on Thursday, “To be very, very clear, we are not profiteering and we are not rip-off retailers.

“We make 3p on every pound we sell. If we offered you something for £1, and I said I made 3p on that product, I don’t think you would call us a rip-off merchant or a profiteer, but some MPs have.”

Scicluna had is overall pay increase by more than £1.4 million to £4.947 million as he received nearly £4 million in bonuses for the year to March.

He said, “What we are trying to do is focusing on rewards for Simon, the operating board, senior leadership and colleagues. That’s why our colleague pay has gone up 44% over the past four years.

“It is a lower fixed pay, around 19% of the total, but we incentivised Simon and the team with the bonus and LTIPs (long-term incentive payments) to make sure that we grow profits, because it is good for the company and means we can invest in innovation, technology and reward shareholders.

“All this is balanced and we try to do it in a proper way – because it comes through the board, I stand by it completely.”

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