A warning has been issued by the UK competition regulator that petrol prices could soar at more than 100 Morrisons petrol stations across the UK.
Private equity firm Clayton, Dubilier & Rice's (CD&R) £7 billion takeover of Morrisons could lead to higher fuel prices, according to an investigation by the Competition and Markets Authority (CMA) earlier this year. CD&R, which also owns petrol station giant Motor Fuel Group (MFG), won a lengthy auction to buy the huge retailer in October.
MFG operates 921 petrol stations across England, Scotland and Wales under a number of different brands, while Morrisons runs 339 petrol stations at its supermarkets. The regulator said it now has concerns over 121 local areas where MFG and Morrisons both have forecourts and would face "limited competition" from other players following the merger.
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The warning comes as petrol and diesel prices continue to soar in the UK. On Wednesday (March 23), the Chancellor Rishi Sunak promised to cut fuel duty by 5p a litre.
However, petrol stations have today been accused of putting prices up after being forewarned of the cut - therefore cancelling out the tax reduction. Petrol and diesel suppliers are being urged to "be transparent" with customers.
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