Tesco's fuel sales surged by 19.5% to £1.7bn in the three months to May, with petrol prices hitting a two-year high of 159p per litre in late May, according to the RAC. The Iran war has effectively closed the Strait of Hormuz, disrupting global oil supplies and driving up fuel costs.
Consequently, the supermarket giant saw its total revenue rise 4% to £14bn in the same period, with petrol stations accounting for a significant share of its overall sales. Tesco operates approximately 600 petrol stations across the UK, capitalising on the increasing demand for fuel.
The inflationary impact of higher fuel prices has also been felt by households, contributing to a decline in consumer confidence. In response, Tesco is rolling out its Aldi price-match scheme across over 2,000 convenience Express stores, as part of its efforts to provide customers with value and reassurance amidst economic uncertainty.
Commenting on the situation, Ken Murphy, Tesco's chief executive, stated: 'The ongoing conflict in the Middle East has created a challenging environment for many households. We remain committed to delivering an unbeatable combination of price, quality and service to our customers.'