The petrol forecourts business owned by the billionaire Issa brothers has been accused of profiteering after gross fuel profits rose by 20 per cent to $1.7 billion.
Gross profit is revenues minus cost of sales. That second is the ost of the goods sold, what the business had to pay someone else for the things that were then sold.
Howard Cox, founder of the campaign group Fair Fuel UK, said: “The EG Group’s commercial mantra is ‘serving the needs of busy consumers’, yet their exploitation of drivers at the pumps in the last 12 months is nothing short of immoral.
Out of gross profit you’ve then got to pay the energy bills, wages, interest, taxes and whatever the hell else is a cost of doing business before you get to net profit.
Someone’s gross profit going up is a very, very, weak sign of anything at all, let alone rooking the customer.