Fears that spiralling fuel costs will hit consumers' shopping bills are unfounded, according to retailers and analysts.
Problems with global oil production have seen crude oil hit a 21-year price high. Retailers insist store prices will not be affected.
'This isn't going to change anyone's profitability. Fuel accounts for only about 1 per cent of retailers' cost base, so any impact will be negligible,' said RW Baird analyst Paul Smiddy.
An Asda spokesman was 'bemused' by the fuel price panic. 'None of our suppliers are talking about an increase in costs,' he said.
Tesco also confirmed that it would absorb any increase in haulage costs.
JJB Sports finance director David Greenwood said the retailer was paying a fuel surcharge for distribution, but remained unconcerned.
'Fuel is a tiny part of our overheads, so the problem would have to become astronomical for it to affect prices,' he said.
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