Sky News is reporting Morrisons is set to sell its fuel station forecourts to the Motor Fuel Group in a huge £2.5bn deal.
Over the last two years, the price of fuel has been under the microscope with numerous politicians and members of the automotive industry accusing fuel retailers of profiteering at the expense of the motorist.
Known as ‘rocket and feather’ pricing, retailers have been quick to raise forecourt prices after the breakout of wars or, as we’re seeing now, conflict in the Middle East. The price of petrol and diesel then takes an age to come down despite wholesale costs having been reduced.
And the move from MFG to takeover the Morrisons’ fuel empire will do nothing to remove this train of thought given they’re happy to pay a whopping £2.5bn for its 340 sites – approximately £7.35m per site.
According to Sky, the deal will be announced by early February and has the potential to include another 150 sites that could support a planned network of ultra-fast electric vehicle charging stations.
If the deal does go ahead, it will follow in the footsteps of Asda who passed control of its UR and Irish stations to EG Group.